The film and the character
Stephen King's novel It was published in 1986 and tells the story of a group of teenagers in the fictional town of Derry who confront an ancient entity that takes the form of the clown Pennywise. The character became one of the most famous images in mass horror culture.
The 2017 film adaptation, directed by Andy Muschietti, drew a huge audience and revived interest in the character. The role of Pennywise was played by Bill Skarsgård, and it's his shots with the red balloon that became the basis for most memes connected to the film.
Origin of the format
The three-panel structure with captions about nightmares appeared online when users started comparing characters to their fears. The exact date of the first instance of the meme hasn't been established; according to the catalog tag, it dates to 2017, when the film was released in theaters.
The format follows a simple pattern: the first panel shows an ordinary person or object, the second shows the threat, and the third shows the character declaring that they will become the most terrifying thing for the addressee. Shots from the horror film work here as a signal of danger that's understood without explanation. Thanks to that, the structure transfers easily to any kind of fear, from the mundane to the abstract, and requires no editing skills: two or three pictures and a short caption are enough.
How the meme is used
The image of the character is captioned with text about the nightmare it can cause. Most often the joke concerns everyday fears: an exam, a line at the clinic, a tax return. Pennywise becomes the embodiment of these fears, and the comic effect comes from the contrast between the solemn threat and the mundane triviality.
In some versions, text about a specific person being addressed is added to the panel, turning the meme into a friendly jab. It's important that the joke is aimed not at a real person but at a generalized fear.
Variants and reworkings
Over time, variants appeared featuring other horror-movie characters as well as characters from other franchises. Usually the three-panel structure is kept, and only the text and final frame change. The format is easy to rework, which is why the meme shows up across different communities. Sometimes authors add their own drawing or photo to the last panel, turning the joke into a personal confession while keeping the same three-beat rhythm.
Some users use the shot with the red balloon as a recognizable symbol of danger on its own. The balloon by itself becomes a sign of threat, and even without the character's face the joke is clear to a viewer who has seen the film or the trailer.
Cultural context
The meme belongs to a broader tradition of internet humor in which horror and scary characters become fodder for irony. Pennywise is one of the most recognizable images of this kind, which is why he often shows up in jokes about one's own fears.
It's worth noting that the character is fictional, and the meme isn't directed against the actors or their appearance. The joke works off the character as a story element, not off a real person, and so it stays within the bounds of harmless humor about pop culture.