It’s difficult to think of cinema in the past 50+ years without considering the impact of “The Red Balloon.” For many generations, this film was the introduction to the power of film. For millions of elementary school kids, “The Red Balloon” was synonymous with movie day magic.
Of course, the adults and critics loved this movie, too, and to this day it remains the only short-form film to earn an Oscar for original screenplay. The list of other awards is too long to print here.
However, if you really want a taste of just how important this film is, do a little digging online and see just how influential it has been to generations of film audiences and filmmakers. Truly a magical film.

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A solid review of the film: The Red Balloon
If you want to dig a bit more, go to The Red Balloon @ IMDB
Also, here are some additional sites that will definitely help: