What cultural event takes place in Times Square on New Year's Eve?

The event that takes place in Times Square on New Year's Eve is the ball drop. This iconic tradition has been a central part of New Year's celebrations since 1907, marking the countdown to the start of the new year. At precisely midnight, the illuminated crystal ball descends from a flagpole atop One Times Square, and the moment it reaches the bottom, the new year officially begins, accompanied by cheers and celebrations from the thousands gathered in the square.

While there are indeed spectacular fireworks displays, concerts, and parades associated with New Year's festivities in New York City, the ball drop is unequivocally the defining moment of the event in Times Square, symbolizing hope and renewal as people look forward to the year ahead.