It's an event that also kicked off a big year for the city: the 250th anniversary of the United States.
While officials had hoped for a larger turnout, those in attendance filled the area with energy as they waited for headliner LL Cool J to take the stage.
The celebration drew visitors from across the region and beyond.
"We love celebrating New Year's Eve , nd this was something different, first time, and we're so excited to see LL Cool J," said Lori Ney of Wynnewood.
Star Jewelz of Sicklerville said the combination of a free show and a favorite performer made the decision easy.
"It's the first concert in Philadelphia, and it's free, and I love LL Cool J. I was like, 'Why not?'" she said.
"We came down here from New Hampshire because we wanted to see the Mummers parade and celebrate New Year's in Philadelphia," said Elise Amarosa.
Award-winning music producer and director Adam Blackstone opened the evening with the debut of a new Philadelphia-themed song titled Brotherly Love.
Attendees showed their city pride in various ways, including one man dressed in both Eagles green and Grinch green.
And it helps me keep warm too!" said Tony Yeci of Norristown.
Most concertgoers bundled up in coats, hats and layers to handle the cold.
Others stayed warm simply by dancing all night long.
"I'm starting to work up a sweat!" said James Williams of Germantown.
Fans of all ages said they were eager to see LL Cool J perform, even if they were too young to be familiar with the hip-hop icon.
"We were trying to explain to the kids who he was," said Frank Amarosa.
Renee Davis of West Philadelphia added, "That's our era!"
And for some younger attendees, the night came with a bit of homework.
"When my mom told me about it I had no clue, but she made me do some research," said Gabriella Quijano of Reading.
After the concert, 60 sanitation workers will clear the Parkway and surrounding streets in preparation for another New Year's tradition: the Mummers Parade, which steps off at 9 a.m. Thursday.