Released in January, the video is also the first to cross the three-billion views mark and has accrued the most thumbs-up.
Less than one month ago, "See You Again" had managed to overtake Psy's "Gangnam Style" as the most-viewed song on the website, a record that "Gangnam Style" had held for four years and seven months.
He said: "Thank you YouTube for "Despacito" s success".
Also enjoying a solid improvement this week is Kesha's "Praying" (RCA/Sony), up 16-7 for the singer-songwriter's eighth top ten on the tally and the first since "Die Young" went to No. 3 in November 2012.
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On 19 July, the label of the song, Universal Music Latin Entertainment, said 'Despacito', in its original and remixed versions, had reached 4.6 billion streams across platforms including YouTube and Spotify.
The digital led contest, in association with VH1 India, prompted people from all across India to send in their renditions of choreography to the beats of the hit song.
"Despacito" became an global smash hit this year, topping the Billboard Hot 100 chart.
Since its release in January, "Despacito" has streamed over 771 million times in the USA through July 20, and is now No. 1 on video and streaming charts. And now the music video of "Despacito" has added a yet another feather to its hat by setting a new record. We're living in an interesting time right now when people want to divide us.
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