This is the 344th most frequent Norwegian word.
årets
"Årets" means "of the year" in English.
Here, 'årets' is used as a possessive form to denote something related to 'this year' (in this case, 'julefeiring' meaning Christmas celebration).
Årets julefeiring blir en koselig sammenkomst.
This year's Christmas celebration will be a cozy gathering.
In this sentence, 'årets' specifies that the award being referred to is the one given in the current year, linked with 'pris' (award).
Vi vant årets pris for beste film.
We won this year's award for best movie.
Here, 'årets' is used to indicate that the 'modell' (model) of the car is from the current year, showing association to the year.