Now in its 43rd year, the festival has been condensed into four days, featuring some of the most popular events as well as new additions.
While several events have sold out, there are still tickets available for Saturday night's Shanghai-themed ball.
New events include tonight's cultural opening, which will be held at Earnslaw Park.
Two waka will be paddled at dusk into Queenstown Bay, greeted by Ngai Tahu kaumatua, runanga and a kapa haka group at 5pm.
They will be accompanied by Deputy Prime Minister and Tourism Minister Paula Bennett from Queenstown Bay to Earnslaw Park, where New Zealand singer-songwriter Anika Moa will perform.
Festival director Lisa Buckingham said the new opening night programme would bring traditional Maori culture to the Queenstown environment in a way not seen at the festival before.
The traditional fireworks display, which in previous years signalled the opening of the festival, will be held tomorrow during the ''Friday Night Party''.
Each night free concerts will be held at Earnslaw Park. Performers this year include The Phoenix Foundation, Nomad, The Shambles and hometown heroes Brentwood.
Isla and Finley Brentwood, originally from Arrowtown, made international headlines last year after a rearranged cover of Teamheadkick's Deadpool Rap, which featured in the movie Deadpool starring Ryan Reynolds, went viral.
After it was noticed by the original artists and Reynolds, Brentwood's version was released as a bonus track on Deadpool Reloaded, the movie soundtrack.
Soon after, the siblings successfully auditioned for X-Factor Australia, ultimately making it through to the top seven under coach Iggy Azalea.
Since then they have been working on their first EP. Their first single will be released in a couple of weeks, with their EP coming out in August.
The pair arrived in Queenstown from their Melbourne base yesterday ahead of their performance at Earnslaw Park on Sunday night.
It is the first time in almost 10 years either of them have attended a festival - and the first time they have been asked to perform.
''We're excited, but a little bit nervous about how cold it's going to be,'' Ms Brentwood said.
Comedian Dai Henwood, however, had come prepared for the cold - this is the 11th time in 12 years he has performed at the festival - he missed the 2016 event due to the birth of his daughter.
''This is my triumphant return ... I sort of felt this weird itch last year actually - it was like 'This isn't right, I should be down in Queenstown'.
''In a way it's good - I'm so excited to perform.''
Henwood said one of the reasons he could not stay away was because the festival and atmosphere in the resort was unique.
''Having a city that has hills all around it means there's such a vibrancy - when you chuck a festival into somewhere ... like Queenstown you can just feel it all around.
''It feels like being part of an international festival.''
Henwood will be joined by fellow comedians Jeremy Corbett, Paul Ego, Justine Smith, James Nokise and Sara Devcich in two sold-out Comedy Night shows, being held tonight and tomorrow night.
The festival ends on Sunday night with the Auckland Airport Carnival, from 4pm to 9pm.
