Bill Denbrough described them as writhing, destroying orange lights, and IT as an endless, crawling, hairy creature made of that same light. The theory, then, suggests that the balloons are a representation of the deadlights and contain the souls of the children killed by IT.

What does the Red ? mean?

With a balloon in hand, especially a red one, even the most depressed birthday clown will be grinning. So, sending a red balloon emoji is a definitive signal of your happiness with life, and that's like a totally scientifically proven fact.

Is Pennywise the balloon?

The story follows a group of misfits kids on a mission to save their town from an evil entity that takes the shape of a clown named Pennywise. Red balloons are Pennywise's calling cards, and he often uses them as bait to kidnap children.