The bubbles catch and reflect the light, just like a regular lightbulb, except each of these is temporary with flecks of color. Made with an LED light source that will last for 50,000 hours, by the time the bulb burns out, the light will have blown about 3 million bubbles.
I want one. Or I at least want to witness this in person. Check out this video of the lamp blowing bubbles:
Technical development by Loligo.