The Theatre introduced itself simply as a 'Monthly Theatrical Review'. Published in both Sydney and Melbourne, it was 'devoted to the advancement of Theatrical Interests'. Initially, it covered drama, popular and amateur theatre, music, and amusements, as well as authors, playwrights, managers, and stars, with many represented in black-and-white or one-tint photographs, caricatures, and cartoons. It argued strongly for state subsidy of local art and drama, and published stage gossip and sometimes barbed critique. From its fifth issue, it incorporated the earlier stage magazine, The Player.

At the end of 1905, a new editor promised stability and wider coverage, from 'all the other States and Colonies, and in England and America'. It became the key source of information and commentary on developments in both the theatrical and moving picture worlds. Each January issue contained a Resume of the Year. The activities of T.J. West and J.C. Williamson, their pictures and plays and stars, occupied much space well into the 'teens, but lesser players also received due regard: George Rignold, Annette Kellerman, C. Spencer, Apache dancers, Tittell Brune, Snowy Baker, Pathe Pictures, Hugh D. Mcintosh, Beaumont Smith, roller skating, vaudeville, and chorus girls.

In October 1912, the magazine converted into a limited company, but continued with limited change as The Theatre Magazine.

The first issue of its new incarnation declared that The Theatre was 'absolutely independent of any management. No theatrical firm holds as much as a single share of its stock. There is only one way into its news columns -- by having something to say of interest to its readers'. It contained increasing profiles, interviews, and signed columns as well as regular reports on 'the whole field of amusements throughout Australasia', with detailed summaries and assessments of performances, and gossip paragraphs. It noted the rise and progress of moving pictures, but urged more Australian production. It commemorated the end of a theatrical era with the death of J.C. Williamson, and the disappearance of old-time bohemian actors in the face of advancing commercialisation. It applauded the 'Uplift of the Theatre' and bemoaned 'Our deplorable Musical Condition'. By April 1916, it was boasting a readership of 100,000.

Its stance on censorship of moving pictures was severe, urging good taste and condemning picture-show proprietors who were 'pandering to the lowest instead of the highest instincts of the community'. From early 1915, it ran a campaign against the worst films screening in Sydney, those that touched 'the high water mark in the low water direction'. In the same vein, it sought cleanliness as the best policy for vaudeville. However, in writing about the opera, it recognised that 'In art, woman, undraped and gently unashamed, is the symbol of moral and physical beauty, and the artistic eye will naturally take more delight in the realism of diaphanous draperies than in the pseudo-decorousness of tights'. It reinforced this distinction in late 1916, publishing several fine-art photographic nude studies.

Moving pictures became an increasing focus of the magazine, with an extended column, 'Reel Life in All its Varying Phases', beginning in November 1915 and becoming a full section from June 1918. This developed into 'The Australasian Picture Magazine. An Illustrated Monthly devoted to the Screen. In conjunction with The Theatre Magazine and The Player', edited and controlled by R.R.F. Hill (q.v.), with its own numbering, from Vol.1, no.4 (May 1920) to Vol.4, no.8 (January 1924).

From the August 1923 issue, the magazine changed hands, due to the illness of Mrs Fisher and the unwillingness of R.R.F. Hill (the owner/editor) to carry on alone. The new managing editor, journalist Wallace Nelson (q.v.), promised a continuous performance but with, perhaps, 'a lighter touch'.

Pre-publication publicity indicated that 'The new journal will keep pace with the Dramatic, Photoplay, and Social events as they occur, which is, of course, impossible in a magazine which appears only once a month... Every phase of the Refinement and Joy of Life will be attended to, and, in addition, there will be a number of pages devoted to the edification and education of the rising generation, the future Men and Women of Australia.' It published a mix of articles and columns of gossip and anecdote, interviews, listings and critiques of performances, a serial, short stories, fashion news, recipes, and household hints.

In July 1927, it carried an editorial, 'The Theatre Crisis', dealing with competition from music hall and cinema. This lament was followed two months later by the query 'Is Sydney a Philistine City?', after the failure of 'three very beautiful and charming plays' revealed the city's 'shocking lack of good taste and failure to appreciate the beautiful', a lack shared by other world capitals, which had all succumbed to the attractions of cinema and music hall. The following issue (October 1927) announced its demise, brought about because of the take-over of theatre and cinema by 'powerful trusts and combines, which have monopolised the theatres, and the picture palaces, and, having eliminated competition, are indifferent as to what theatres people attend'. It claimed a fatal loss of advertising revenue from cinema interests because of its encouragement of the production of Australian and Empire films.