This is the officially licensed 'IT: Floating Around Pennywise Balloon Light' available for preorder from Merchoid ($42). The lamp measures about 13.5-inches tall (34cm), is turned on and off by a button in the balloon's knot, is made from breakdown plastic so it's biodegradable when it winds up in a landfill, and I'm thinking the same thing you're thinking. "Why is it officially licensed?" Exactly, it's a red balloon lamp. Just call it a red balloon lamp and save yourself the licensing fee. But what do I know? I'm just a man who was wrongfully accused of manufacturing and selling bootleg action figures. "You were caught with a storage unit full of half assembled Stur Wors action figures." It was a set up! "Was it though?" Hell no, I was making a killing at flea markets and swap meets selling to kids too young to read.
Keep going for a shot of the lamp with the light on (SPOILER: it glows).
Thanks to Luc, who agrees if you don't have to get the licensing rights, don't get the licensing rights.