The narrative begins in a city where a clown, later nicknamed "Gags," has been scaring people. The clown's identity is unknown, appearing only in security camera footage. Some people dress up as Gags to scare the city. A journalist, Heather, is determined to uncover the truth about Gags.
Ashley and Corey, a couple who witnessed Gags, are attacked by Gags, and Corey is killed. This incident is captured on a security camera, leading to Gags being named as a suspect in the murder. The media's coverage of the incident leads to a surge in Gags-related incidents across the city.
Charles, an ex-military man turned streamer, organizes a live Gags hunt, which goes viral. Meanwhile, Cris, a friend of Ashley, is also dressed as Gags and continues to scare people. Heather meets Ashley, who is traumatized by the incident, and learns about the police's inaction.
Charles tracks Gags to an industrial park, but Gags disappears when circus music starts playing. Meanwhile, Cris is attacked by a possessed person and is taken to the hospital. Charles and Wayne, another character, argue over Tyler's murder.
In the factory, Jake and Crisi arrive at the sound of a gunshot. They find Tyler's body, and Wayne accuses Charles of his murder. Jake is also tired and decides to kill Wayne. The show begins, and a balloon explodes in Heather's face, covering her in white powder. Heather flees, and the gag appears to her, leading to her death.
The narrative ends with the journalist from another news program exploding, closing the report with a smile for having the scoop.
1. A clown with black balloons appears in a city and scares people, with no one knowing his intentions.
2. The clown's identity is unknown, having only been seen in security camera recordings.
3. Some individuals are dressing up as the clown to scare people.
4. The clown is nicknamed "Gags" by the media.
5. The clown has been seen scaring people all over the city, leading to numerous witnesses.
6. Heather, a reporter, is tasked with covering the news of the clown's appearances.
7. The clown has thousands of fans, including those who imitate him.
8. Two police officers, Jake and Cruisi, are patrolling the streets, investigating the clown's activities.
9. Charles, an ex-military man and now a streamer, is also involved in the search for the clown.
10. More incidents with clowns occur in the city, leading to increased calls to 911.
11. A police officer finds a man dressed as a clown inside a car in the middle of the road.
12. The man, who does not respond to the police, is shot in the chest by Jake and Crisi.
13. Charles discovers Gags in an abandoned train station and points his gun at him.
14. Charles is painted on a wall with the phrase "the forgotten ones don't make you laugh" while circus music plays.
15. Charles and Wayne start accusing each other of Tyler's murder.
16. The show ends with the cameraman going crazy and Heather being filmed alone.
17. The journalist from the other news program explodes, closing the report smiling for having the scoop.