Adjust the rate of drama (7)
I believe the answer is:
theatre
'drama' is the definition.
(theatre can mean the world of drama)
'adjust the rate' is the wordplay.
'adjust' is an anagram indicator.
'the'+'rate'='therate'
'therate' anagrammed gives 'THEATRE'.
'of' is the link.
(Other definitions for theatre that I've seen before include "Eg, Oxford's Sheldonian" , "World of drama" , "Surgeon can be seen here" , "Place for drama" , "Criterion in London, say" .)