From about 1970, from Isla Vista U.S.A. by Ray Varley. Last of the Mobile Hot Shots is a movie that opened in mid-January 1970; The Rain People is a movie from 1969.

The Magic Lantern was an independent movie theater that opened in 1965, got raided for obscenity in 1967, and got acquired by Metropolitan Theatres (a local chain) in 1969. This history by Harry Nelson has more details, including: "Later in 1969 the adjacent Red Lion Bookstore went out of business; MTC then converted the bookstore to a second movie theater. Today, the Magic Lantern Theater is used by UCSB as a lecture hall, known as Isla Vista Theater #1, and the smaller Isla Vista Theater #2 is in the converted Red Lion Bookstore."

From the 1967 UCSB yearbook, page 395. Shakespeare Wallah is a movie from 1965.From this eBay listing describing it as a ticket from the 1960s; the back says "Kindly extend the Courtesies of the House to:" and "Presented by:".An ad for Morea movie that opened in August 1969. From Memories of old SANTA BARBARA, CA

Since 2004, UCSB has had a program called Magic Lantern that shows inexpensive evening films in IV Theater as an alternative to partying, part of its Isla Vista Arts program. This film program is run by D.J. Palladino, who watched movies in the original Magic Lantern as a young person.

The building has an interesting movie-themed mural above the lobby.

February 2013, by Britta Gustafson (CC BY-SA)February 2015, by Britta Gustafson (CC BY-SA)