This character is a Other Symbol and is commonly used, that is, in no specific script. The character is also known as theater masks and theater.
The glyph is not a composition. Its East Asian Width is wide. In bidirectional text it acts as Other Neutral. When changing direction it is not mirrored. U+1F3AD offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “performing arts” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: art, mask, performing, theater, theatre.
This character is designated as an emoji. It will be rendered as colorful emoji on conforming platforms. To reduce it to a monochrome character, you can combine it with Variation Selector-15: 🎭︎ See the Emojipedia for more details on this character’s emoji properties.
The Wikipedia has the following information about this codepoint:
The performing arts are arts such as music, dance, and drama which are performed for an audience. They are different from the visual arts, which involve the use of paint, canvas or various materials to create physical or static art objects. Performing arts include a range of disciplines which are performed in front of a live audience, including theatre, music, and dance.
Theatre, music, dance, object manipulation, and other kinds of performances are present in all human cultures. The history of music and dance date to pre-historic times whereas circus skills date to at least Ancient Egypt. Many performing arts are performed professionally. Performance can be in purpose-built buildings, such as theatres and opera houses, on open air stages at festivals, on stages in tents such as circuses or on the street.
Live performances before an audience are a form of entertainment. The development of audio and video recording has allowed for private consumption of the performing arts. The performing arts often aims to express one's emotions and feelings.