It takes its name from the time at which they began the shows of the first editions of the "Festival of Two Worlds". It overlooks the scenic Signoria Square and occupies a rectangular space. Initially managed by the Academy of Ottusi (now Spoletina Academy), over the centuries the Theater has repeatedly changed the internal structure and name. In 1880 it assumed the present appearance and becomes the Caio Melisso Theater (the Theatre of the six occupies the foundations). The building has the typical Mmedieval structure: the front door is located in the Church of Santa Maria della Manna d'Oro, and the right side runs along three buttresses. The interior is covered with vaults supported by pillars. The audience is made up of steps on which are placed about 65 chairs. The stage is on the ground floor. The recovery of the Theater was made possible thanks to the intervention of Giancarlo Menotti and Adriano Belli, in the mid-50s, they identified it as one of the places to be used for Festival. Since 2009, it houses the National Academy of Dramatic Arts "Silvio D'Amico".