Ryan Seacrest will be the emcee of "Dick Clark's New Year's Rockin' Eve" for the 10th year and ring in 2015 with model and comedic actress Jenny McCarthy, reports the Hollywood Reporter.

Seacrest will lead Times Square partygoers and the television audience through music, entertainment and the midnight countdown live. McCarthy will provide on-the-ground coverage that enables TV viewers across the world get a taste of the excitement from New York City.

It's McCarthy's fourth consecutive year participating in the celebration.

This year's Rockin' Eve features more than five hours of musical performances, including Taylor Swift, Idina Menzel, Canadian reggae fusion band MAGIC! and the Florida Georgia Line. Elton John will make his New Year's Rockin' Eve debut with a performance of "I'm Still Standing" from the Barclays Center in Brooklyn.

Performances by Lady Antebellum and Gavin DeGraw will be streamed from Nashville, and Iggy Azalea, One Direction, Meghan Trainor, and Charli XCX will be streamed from the West Coast "Billboard Hollywood Party" hosted by Fergie.

Seacrest and McCarthy stood next to the illustrious ball in Times Square on Tuesday morning, answering press questions before the New Year's Eve celebration kicks into high gear. Billboard spoke to the hosts, who discussed everything from the show's musical performances to what kind of craziness happens at the live event each year.

Billboard asked Seacrest and McCarthy why they agree to host New Year's Eve in Times Square every year.

"The insanity, the craziness that it is. The fact that everybody's got a smile on their face. Out of all the moments of the year, I don't think everybody's on the same page as [much as] they are at midnight on New Year's Eve," said Seacrest.

"You'd have to be crazy to stand outside and host this show -- that's what everyone says," McCarthy said. "But once you're there and you experience what Times Square is like on New Year's Eve, you'll understand why we come back year after year. It's one of the most amazing things I've ever done workwise."

New Year's Rockin' Eve kicks off at 8 p.m. ET on ABC on Wednesday, Dec. 31.