Times Square began New York City's official midnight ball-drop tradition in 1907.
The event developed after the New York Times moved its headquarters to the newly named Times Square and organized a New Year's Eve celebration in 1904. The newspaper held a fireworks display at midnight for several years, but city officials later banned the fireworks because of safety concerns. The newspaper replaced them with a large illuminated ball lowered from the flagpole atop its building.
The first ball descended on December 31, 1907, welcoming 1908. The tradition continued even after the New York Times moved away from the square. Over time, the ball and its lighting technology changed, while the countdown became a major televised event.
The ball is lowered, not raised, and the ceremony occurs at One Times Square. Although other cities now stage similar countdowns, Times Square's ball drop remains the most famous example of the format.