New Year's Eve 2015
The Times Square Ball Drop has developed into a global tradition marking the beginning of New Year.Reuters

Streets of New York are lit up and decorations are beckoning tourists; Times Square is all set to ring in New Year 2016 with the annual ball drop. The theme of the iconic Times Square ball drop 2016, which will be watched live by billions of people worldwide on New Year's Eve, is "Gift of Imagination".

Last year, the spectacular ball, made of 2,688 Waterford crystal triangles, each of which represented a theme, embodied the "Gift of Fortitude". With this year's ball, Times Square has  outdone itself. The Tomes Square ball of 2016 is expected to bring a sense of "wonderment, fantasy and optimism that nourishes the seeds of knowledge and achievement" reports ABC 7.

This year's exquisite Waterford crystal triangles are each custom-designed and built to withstand the high winds and temperature fluctuations that will exist 470 feet above the ground at Times Square.

The entire schedule for the countdown leading to the Ball Drop is available at the Times Square website, along with other frequently asked questions like places for the best view and the ticket requirements. 

This year's celebrations will include musical performances by Carrie Underwood, Luke Bryan, Demi Lovato, Wiz Khalifa and Charlie Puth. To better the experience for attendees, chief sponsor of the event, Toshiba Corp, will use a Toshiba Vision screen to broadcast it, along with audio and pyrotechnic effects.

The entire event can be watched live via Toshiba Vision and Live Stream. Twitter will also be transmitting 60 to 120 seconds of video footage of the New Year's Eve celebrations throughout 31 December, which will broadcast on the TOSHIBA VISION from 7:00 am (EST) through 11:00 pm (EST)  on December 31, 2015.

Only 4 days to go until the #BallDrop!

A photo posted by Times Square NYC (@timessquarenyc) on

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