The Spanish-language hit, released on Universal Music Latino, is the 35th single to top the Billboard Hot 100 for at least 10 weeks.
"Streaming is a connector for audiences worldwide and it has helped my music reach every corner of the planet. It is truly an honor that 'Despacito' is now the most streamed song in history," Fonsi said in a statement obtained by TooFab.
In just 154 days, Fonsi and Daddy Yankee's music video for the original track was viewed 2 billion times, making it the fastest music video ever to reach the golden number.
The original track's video on Vevo collected 5.4 million views even before Justin Bieber got involved, which previously gave the video the title of becoming the Spanish-language video with the most views in 24 hours.
21 days later, the video broke yet another Vevo record when it reached 200 million views.
“Despacito,” which means “slowly,” is the first Spanish-language song to go No. 1 since “Macarena” in 1995.
Jesús Lopez, the chairman and CEO of Universal Music in Latin America and Iberian Peninsula, also noted the impact streaming has had on culturally diverse music consumption.
“[Streaming has] democratized music consumption, it has made Latin music increasingly relevant on the charts and it has amplified out songs and videos to a world said,” Lopez said. “'Despacito' has broken every record thanks to Luis Fonsi's talent and creativity, which have positioned him as a pillar of Latin music for the past 20 years. I also congratulate Erika Ender, Daddy Yankee and Justin Bieber for their valuable contributions, as well as the different teams involved in the success of this song.”