The 1983 Tom Cruise film 'IT' can be summarized as a coming-of-age story about a group of teenagers who must confront their fears and fight an evil entity that has been terrorizing their small town. The film follows the group as they attempt to uncover the truth behind the mysterious creature, which is known as 'IT'. The title of the film is derived from the acronym 'LOSIN', which stands for 'Lose It or Suffer In Nightmare'.