Glass Moon was an early and brief MTV success story. The band was from Raleigh, North Carolina and formed in the early 1970s. They released three records in the early 1980s, and had three charting singles, with 1982's "On a Carousel" standing out as the only one that broke the top 100 -- it hit #50. Unfortunately, the Growing in the Dark album did not chart, and the band broke up after their 1984 effort (Sympathetic Vibrations) did not do any better.
The video is a pretty typical early effort, mixing the band performing with some playground shots. It is not the most polished video, but that just adds to the charm, in your author's opinion. It did show up in moderate rotation for a time on MTV.
As to the song, "On a Carousel" is a cover of a Hollies song from 1967 that originally hit #11 on the U.S. charts (and #4 in the UK). It is notable as the first Hollies song where Graham Nash was the lead vocalist (although it was only for the first few lines). Nash would leave the Hollies in 1968 and go on to form Crosby, Stills and Nash. (I think he ended up doing ok for himself.)
The 1982 Glass Moon version:
And the 1967 Hollies original -- the video filmed for a 1960's Granada TV program (or programme, if you are reading this in the UK):