Oxford was a patron of a theatre troupe. It wasn't a very distinguished theatre troupe and mostly toured the provinces. However, any theatre sponsorship in the 16C helped to fund the development of the English stage at a crucial point in its history. Oxford's admirable patronage of young and interesting writers and translators, while not extensive by the standards of the day, is a greater contribution than to the arts than his poetry.
There's no evidence that he did more than lend his name to his acting troupe, however.