“Despacito” means “slowly”, and that is the whole idea of the song: a seduction taken one small step at a time. Luis Fonsi sings of noticing someone across the room, of a pull like a magnet, and of wanting to take things slowly rather than rush. It was released in January 2017, and for years its video was the most-watched on YouTube.
It is two songs in one for a learner. Fonsi's verses are slow and melodic, with clear vowels. Daddy Yankee's verse is fast, rhythmic reggaeton from San Juan, where letters at the ends of words disappear and syllables run together — real Puerto Rican speech.
Notice the diminutives: despacio (slowly) becomes despacito, poco (a little) becomes poquito. The “-ito” ending makes things smaller and softer, and it is everywhere in Caribbean Spanish.