It is time to stop live performer (7)
I believe the answer is:
artiste
'performer' is the definition.
(artiste is a kind of performer)
'it is time to stop live' is the wordplay.
'it is' becomes 'tis'.
'time' becomes 't'.
'to stop' means one lot of letters goes inside another.
'live' becomes 'are' (both can mean exist).
'tis'+'t'='tist'
'tist' put within 'are' is 'ARTISTE'.
(Other definitions for artiste that I've seen before include "Trouper" , "One entertaining" , "Tears it (anag.)" , "Attires like entertainer" , "Professional performer" .)