Luis Fonsi and Daddy Yankee have the song of the decade…

Telemundo and Billboard have announced that the 42-year-old Puerto Rican singer and the 43-year-old Puerto Rican rapper will receive the Billboard Latin Song of the Decade award for their 2017 hit “Despacito” at the 2020 Billboard Latin Music Awards.

Fonsi and Daddy Yankee are also confirmed to perform at the awards ceremony, which is set to take place on Wednesday, October 21 live from the BB&T Center in Sunrise, Florida.

On the Billboard charts, “Despacito” topped the Hot Latin Songs chart for a record 56 (non-consecutive) weeks, spending the most weeks at No. 1 for any title since the chart’s inception in 1986. The song’s success also set the chart-topping longevity mark on Hot Latin Songs when it spent its 42nd week at the top on the February 17, 2018-dated tally, surpassing the 41-week reign of Enrique Iglesias, Descemer Bueno, and Gente de Zona’s “Bailando” in 2014-15.

In addition, “Despacito” made history at the top of the Billboard Hot 100 chart in May 2017, tying the then all-time mark for weeks at No. 1 (16) set by Mariah Carey and Boyz II Men’s “One Sweet Day” in 1996.

The 2020 BLMAs, led by top finalists Bad Bunny and Ozuna, is the only awards show to honor the most popular albums, songs, and performers in Latin music, the awards are determined by the actual sales, streaming radio airplay, and social data that informs Billboard’s weekly charts during a one-year period from the rankings dated February 2, 2019, through this year’s January 25 charts.

The event coincides with Billboard’s Latin Music Week 30th anniversary, a three-day virtual experience dedicated to Latin music, culture, and entertainment. Celebrating its 30th anniversary, the event will take place October 20-23 and will feature intimate artist conversations, industry panels, exclusive performances, and more.

The Billboard Latin Music Awards 2020 will broadcast live from the BB&T Center in Sunrise, Fla. on October 21 via Telemundo.