For more than 100 years, New York City's Times Square has been a global staple in celebrating New Year's Eve.

Since 1907, millions of people around the world have watched the New Year's Eve Ball drop at the stroke of midnight in the heart of Manhattan.

This year, the festivities will begin around 6 p.m. with the lighting of the iconic New Year's Eve Ball, followed by a host of performances to entertain onlookers all night long.

Event Organizers and representatives from the Philips Lighting Company will flip a giant switch that will light the New Year's Eve Ball and begin its ascent atop One Times Square. Named The Gift of Fortitude, the unique design of this year's ball is covered in 2,688 Waterford Crystal triangles and illuminated by over 32,000 Philips Luxeon Rebel LED lights. According to the Times Square Ball's official website, the design utilizes "diamond cuts on either side of a crystal pillar to represent the inner attributes of resolve, courage and spirit necessary to triumph over adversity."

Once the New Year's Eve ball is risen, spectators will be treated to a Chinese cultural performance from YunNan, featuring the traditional performance of The Peacock's Blessing and The Little Running River at the Cosmo/Covergirl Countdown Stage at Duffy Island, between 46th and 47th Streets.

At 8 p.m. CNN anchor Anderson Cooper is set to host an Hourly Countdown at the Cosmo/Covergirl Countdown Stage.

American rock band O.A.R. is then scheduled to hit the Cosmo/Covergirl Kiss Stage for a musical performance of two of their hit songs.

Following their performance is ABC's "Dick Clark's New Year's Rockin' Eve" with a special performance by Idina Menzel on the Cosmo/Covergirl Countdown Stage.

Later on in the evening, Alejandra Guzmán will perform a medley of her hit songs "Mi Peor Error," "Mírala, Míralo," "Eternamente Bella" and "La Plaga" on the Cosmo/Covergirl Kiss Stage, beginning around 11 p.m.

About 20 minutes before midnight, Taylor Swift will perform her hit singles "Welcome to New York" and "Shake It Off" on the Cosmo/Covergirl Countdown Stage, followed by another special musical performance by O.A.R.

Then, get ready for lots of confetti and kissing after the 60-second countdown, featuring New York City Mayor Bill de Blasio, beginning at 11:59 p.m.

For a complete lineup of the performances, click here.

Watch the NYE celebration via live stream below.

Broadcast live streaming video on Ustream