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Balloonerism, Mac Miller’s second posthumous album, is a previously unreleased project that he worked on during and after the development of Faces in 2013 and 2014. Both projects share key characteristics such as dark, introspective lyrics, jazzy influences, and a deeply psychedelic atmosphere. Although he ultimately shelved Balloonerism in favor of other releases, the project “was of great importance to [Mac].”
 
E. Dan of ID Labs, who worked closely with Mac throughout his career and assisted his estate with finishing the album, shared in a (since-deleted) Reddit comment,
pretty much all of the songs you all know as Balloonerism were made inside of a week stemming from what was basically jam sessions… he did indeed move on from it, took a few of the songs for Faces and never got back to it.
 
Multiple different tracklists for Balloonerismsurfaced online in 2020, two years after Mac’s death. An official release was teased at Odd Future’s 2024 Camp Flog Gnaw Carnival. Five days later, on November 21, 2024, Mac’s estate released a trailer for Balloonerism and announced the official release date over a decade after the album’s creation: January 17, 2025, exactly five years after the release of his first posthumous album Circles, and two days before what would have been his 33rd birthday.
 
On January 7, 2025, ten days before the album’s release, Mac’s estate announced the official tracklist, revealing features from SZA as well as Delusional Thomas, one of Mac’s many alter-egos. The album’s lead single “5 Dollar Pony Rides” was released two days later on January 9.