Times Square was invented by the immigrants who first moved to New York and formed the roads. However, the Times Square we know today is how it is because of the tourists and businesses that inhabit it. Adolph Ochs gave Times Square its name by moving the New York Times building to the location in 1904. He then celebrated this success with the first New Year’s Eve celebration for the renaming effort. “Every year since, hundreds of thousands of people gather and wait for hours in the cold of a New York winter for the famous ball drop ceremony. It is estimated that one billion people around the world now watch the tradition via satellite.”(MacBeth)
Here's a video of the 2009 New's Year's Eve Celebration in Times Square: