The research, conducted by CSGO gambling site CSGOLuck, analysed Christmas songs released within the past 50 years to determine the most streamed songs on Spotify and each song's estimated earnings.
The research also looked at the ‘playlist reach’ for each song, which examines how many user-created Spotify playlists include the song.
A spokesperson for CSGOLuck said: “Christmas music provides a sense of nostalgia, tradition and memories, becoming a fundamental part of the holiday season.”
“Social media once again has revealed its power, as you would expect more classic Christmas songs to rank within the top ten.
“Most of the songs in the ranking have been, to some extent, trending on TikTok or Instagram, resulting in a surge of streams.
“Despite that, seeing an even blend of modern-day and classic songs on everyone's holiday playlist is great this year.”
1. Last Christmas
The study revealed that Wham!’s 1986 release, Last Christmas, is the most streamed Christmas song released in the past 50 years. The song has amassed a whopping 1.9 billion streams on Spotify alone, with this number expected to increase as we enter this year’s holiday season. The song alone has earned an estimated $15,356,729 in royalties from Spotify and has a playlist reach of 39 million. (Photo by Hulton Archive/Getty Images) Photo: Hulton Archive
2. All I Want for Christmas Is You
In second place is Mariah Carey’s All I Want for Christmas Is You. The 1994 Christmas classic has been played over 1.4 billion times on Spotify, which means the song has earned an estimated $11,854,972 in royalties. The song also has a playlist reach of 178 million. Photo: Pixabay
3. Santa Tell Me
In third place is Ariana Grande’s 2013 release, Santa Tell Me. The song has received over 849 million streams on Spotify and has earned an estimated $6,795,815 in royalties. The song has a playlist reach of 100 million. (Photo by Robin Marchant/Getty Images for The Recording Academy) Photo: Robin Marchant
4. It's Beginning to Look a Lot Like Christmas
Michael Bublé's rendition of It's Beginning to Look a Lot Like Christmas is the fourth most streamed Christmas song. The song has been streamed over 820 million times on Spotify, earning an estimated $6,560,168. The song has a playlist reach of 93 million. The original version was performed by Bing Cosby and was released over 70 years ago; it has over 1 billion streams on Spotify alone. (Photo by Kate Green/Getty Images) Photo: Kate Green