It is Tampa's only non-profit movie palace, and operating costs are supported by its members, donors, and corporate sponsors, as well as by ticket and concessions sales.

[3] The theatre's interior resembles a romantic Mediterranean courtyard replete with old-world statuary, flowers, and gargoyles.

The Arts Council of Hillsborough County agreed to program and manage the Tampa Theatre with films, concerts, and special events.

[5] In the spring of 2013, during its 86th year of existence, efforts began to convert to digital picture and sound (with the exception of productions that are only available in the movie reel format) and screened a free showing of Samsara to celebrate the transition.

[6] In late 2017, the Theatre closed for six weeks to complete the first phase of its long-term restoration plan, a $6 million renovation that updated the electrical systems, re-seated the auditorium with seats designed to match the original look from 1926, added a new and expanded concessions stand and bar, installed a new emergency power system, and protected the building from storms by installing new storm rated windows and doors on the Florida Avenue side of the building.

The glam metal band Sleeze Beez filmed the music video for the song "Stranger Than Paradise" at the theater.