to perform (a play etc); to stage (a show); (bound form) to develop; t
Phonosemantic compound. 氵 represents the meaning and 寅 represents the sound. Based on the original meaning "flow out". The meaning later shifted to "spread", "develop", and "perform".
《說文》：“演，長流也。一曰水名。从水，寅聲。”
flow out