The music video for Luis Fonsi and Daddy Yankee song“Despacito” has become the most-watched YouTube video of all time.

With just under three billion views, it knocks Wiz Khalifa and Charlie Puth track “See You Again” – the official song for Fast & Furious 7 – into second place.

Khalifa and Puth only submerged Psy’s 2012 sensation “Gangnam Style” from YouTube’s top spot last month, but couldn’t prove a match for “Despacito” which The Guardian reports is averaging about 15 million new views a week.

To put it’s success into perspective, “Despacito” managed in seven months what “See you Again” did in two years.

The hit single, which features Justin Bieber, has enjoyed stratospheric success since its release seven months ago becoming the most streamed song in the world just last month with global streams of more than 4.6 billion plays.

The song knocked Bieber’s very own “Sorry” into second place with combined streams of 4.38 billion on platforms such as Spotify and Apple Music.

Dance track “Despacito” – which translates as “slowly” – has reached number one in 45 different countries, including the UK, since its release in January and was the first Spanish-language song to do so since “Macarena” in 1996.

“Streaming has opened up the possibility of a song with a different beat, from a different culture and in a different language to become a juggernaut of success around the world,” said Sir Lucian Grainge, chairman & CEO of Universal Music Group.

“Luis Fonsi already had the undisputed, biggest song of the year – and now he’s setting even bigger records. My congratulations to Luis Fonsi, Daddy Yankee and Justin Bieber, as well as everyone at Universal Music Latin Entertainment, Republic Records and Def Jam, on this tremendous accomplishment.”

Fonsi said: “I come from Puerto Rico and I live in Miami. We’re living in an interesting time right now when people want to divide us. They want to build walls. And for a song to bring people and cultures together, that’s what makes me proud.”

Addressing the YouTube record, Daddy Yankee released an Instagram video celebrating the success. He said: “Thank you YouTube for “Despacito”s success. I recognise the influence that the platform has. The music industry has changed. The rules of music have changed. And YouTube has a big responsibility, and I recognise it. Breaking the record is overwhelming, and I’m happy to keep [inspiring] others to do the same.”