ball drop

noun1

1. •
   A world-famous tradition when a large, illuminated crystal ball descends a flagpole from midnight to mark the new year; most commonly associated with the New Year's Eve event in New York's Times Square; a ritual inspired by maritime time ball signals that began in 1907 and has evolved into a massive global event with music and sizable crowds.

   • In 1907, New Yorkers saw their first “ball drop” celebration. — 2000