It means to be received badly by an audience.
Used in the context when one miserably fails to impress the people around him. It does not mean facing critics but resembles the way people around a person receive one's theory.
Sample Usage
1)Though the singer was enthusiastic, her throat infection made her go down like a lead balloon.
2)His injury did not let him play and further deteriorated to make him go down like a lead balloon.
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