What is the name of the New Year's Eve ball drop tradition in which a glowing sphere descends in Times Square?

The Times Square Ball Drop is the New Year's Eve tradition in which a glowing sphere descends at One Times Square.

The event began on December 31, 1907, when the New York Times arranged a ball descent to mark the new year. The newspaper had moved into Times Tower, now known as One Times Square, and had previously celebrated with fireworks. Fireworks restrictions helped make the ball a practical replacement.

The first ball was made of iron and wood, measured about five feet across, and was illuminated by electric lights. Successive versions became more elaborate, culminating in a large crystal-covered sphere equipped with computer-controlled LED lighting.

The name refers to the ceremony, not simply to the object. “Ball drop” is also used for other local countdowns, but the capitalized Times Square Ball Drop identifies New York City's internationally broadcast event.