Female first possibly to welcome Universal's pictures (7,5)
I believe the answer is:
feature films
'pictures' is the definition.
(feature film is a kind of picture)
'female first possibly to welcome universal's' is the wordplay.
'possibly' indicates an anagram.
'to welcome' indicates putting letters inside (in sense of 'inviting in').
'universal' becomes 'u'.
'female'+'first'='femalefirst'
'femalefirst' is an anagram of 'featrefilms'.
'featrefilms' placed around 'u' is 'FEATURE FILMS'.
(Other definitions for feature films that I've seen before include "Principal movies in cinema programmes" , "Pictures" .)