On any given year, the so-called "Crossroads of the World" is packed to the gills with people excited to ring in the new year as broadcasts play host to musical entertainment and the like.
But with 2020 unlike any given year due to the coronavirus -- among other things -- this year's event will reflect that.
In a statement provided to Fox News by the event's organizers, Times Square Alliance President Tim Tompkins said the event will go virtual and will not host the usual raucous crowd of revelers.
The event will, however, include "scaled-back and socially distanced live elements still to be determined, and an extremely limited group of in-person honorees, socially distanced, who will reflect the themes, challenges and inspirations of 2020."
“One thing that will never change is the ticking of time and the arrival of a New Year at midnight on December 31st,” said Tompkins. “But this year there will be significantly new and enhanced virtual, visual and digital offerings to complement whatever limited live entertainment or experiences – still in development – will take place in Times Square."
He reiterated that any live events that take place will be available virtually.
"Because more than ever in these divided and fear-filled times, the world desperately needs to come together symbolically and virtually to celebrate the people and things we love and to look forward with a sense of renewal and new beginnings," Tompkins said.
Jamestown, owner of One Times Square -- the building where the famous ball drop takes place -- "has built the virtual world of Times Square and a complementary broadcast app to allow everyone to experience Times Square and celebrate with us in these unusual times."
Organizers noted that the event usually includes a reflection on the past year and some of its biggest moments, but again, the plan has changed considering the unprecedented events of this year.
“No one needs to be reminded of what the dominant news of 2020 has been so far: COVID-19 and a host of racial, economic and climate crises," explained Tompkins. "Through a limited number of honored guests we will note where we’ve been but more importantly we will honor and celebrate the courageous and creative spirits who have helped and will help us travel through these challenging times into the New Year. More details to come; either way, we will be celebrating with you in some form on the 31st."
The virtual event will serve as a celebration of essential workers, first responders, doctors, scientists and "both emerging and established entertainers, musicians and artists."
Fox News' Courtney Crawford contributed to this report