Originally the Princess was intended to be a home for live performance but instead screened films for its first 59 years, from its opening in August 1911 through to 1970.

November 16 marked the milestone when 50 years ago an invited audience, which included the Governor General, Dame Peggy van Praagh, the Premier, and the Mayor, witnessed three works from The Australian Ballet on the stage.

In his remarks on the night Governor General Sir Paul Hasluck said the theatre would play a significant part in the art life of Australia.

"Above all, [the Princess] will help to build up here an intelligent, sensitive and receptive audience for the best that Australian artists can give to them. The theatre is open."

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Theatre North programs manager Stuart Loone said "for 50 years, the Princess has been at the beating heart of northern Tasmania's performance scene".

"Launceston has every right to be proud of this venue and all the amazing activity that's taken place in its walls - from Roy Orbison, to Dame Margot Fonteyn, to community musicals and the Launceston Competitions."

The anniversary will be marked with a performance of the new dance work, 7 Deadly Sins, choreographed by the esteemed Graeme Murphy for Hobart's MADE dance company.

Mr Murphy said his connection with the theatre goes right back to the earliest times of it opening as a live performance venue and he felt he had come full circle.

"It's sort of amazing. Its like a full circle. I feel really connected."

Mr Murphy said the importance of live performance is hugely significant and congratulated the Princess on its achievement.

"The connection between what happens on stage and an audience sitting in an auditorium, and being touched and be involved, is one of the most beautiful things," he said.

"I cant imagine a world without live performance."

7 Deadly Sins is part installation and part performance. It will play at the theatre on November 16 at 12.30pm and on November 17 for multiple shows. Tickets can be booked through www.theatrenorth.com.au.

A broader public celebration of the anniversary will be rolled out over 2021.