These Christmas Songs Make the Most Money — No. 1 Isn't What You Might Think!

christmas album collage

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christmas album collage
Amazon / Cheapism / Canva

Santa's Highest Rollers

You might think that the classic songs of Christmas are the money-makers, but there is a new age of Yuletide tunes that have swooped in to rake in millions. Gambling site CSGO analyzed Christmas songs released during the last 50 years to find which have been streamed the most on Spotify, estimating each song's earnings. 

The research also considered "playlist reach" for each song to find out how many Spotify users created playlists that include the song, all to determine which Christmas songs are the highest earners. We've highlighted the top 10 below.

‘Last Christmas’ by Wham!

1. "Last Christmas" by Wham!

Year released: 1986

Streams: 1,919,591,160

Estimated royalties: $15,356,729

Is this not one of the catchiest songs of all time? Christmastime aside, once you hear the first, "Last Christmas" sung, good luck refraining from continuing the lyrics with the utmost enthusiasm. It's okay, we all do it. Don't be ashamed. If anyone could steal Mariah Carey's Yuletide sparkle, it's Wham!

‘All I Want for Christmas is You

2. "All I Want for Christmas Is You" by Mariah Carey

Year released: 1994

Streams: 1,481,871,437

Estimated royalties: $11,854,972

We all know this one. You either love it or you pretend to hate it because I mean come on, it's a good tune, albeit overplayed during December. Just make sure you're alone in your car when you inevitably botch Mariah's high notes. 

Santa Tell Me by Ariana Grande

3. "Santa Tell Me" by Ariana Grande

Year released: 2013

Streams: 849,476,875

Estimated royalties: $6,795,815

A modern-day Christmastime banger. That's what this is. Ariana and her high-pony and high notes. Magic.

"It's Beginning to Look a Lot Like Christmas" by Michael Bublé

4. "It's Beginning to Look a Lot Like Christmas" by Michael Bublé

Year released: 2011

Streams: 820,020,944

Estimated royalties: $6,560,168

Originally recorded by Perry Como and the Fontane Sisters, there have been several renditions of this Christmas classic, and although we remain partial to Bing Crosby's version, we have to admit, Michael's voice is like butter and he definitely does this tune justice.

Related: Classic Holiday Movies That Still Hold Up

"Snowman" by Sia

5. "Snowman" by Sia

Year released: 2017

Streams: 724,986,083

Estimated royalties: 5,799,889

You mean Frosty? Where's Frosty? This pop song branches out and veers away from the classics of Christmas, but the music video is an adorable claymation situation that is reminiscent of old-school Christmas movies. Perplexity does not evade Sia.

Related: The Most Popular Song the Year You Were Born

‘Mistletoe’ by Justin Bieber

6. "Mistletoe" by Justin Bieber

Year released: 2011

Streams: 639,474,874

Estimated royalties: $5,115,799

When this song came out, it ignited some serious Bieber fever. Until 2011, we couldn't have imagined the word "shawty" in a Christmas song. Justin broke the mold.

"Feliz Navidad" by José Feliciano

7. "Feliz Navidad" by José Feliciano

Year released: 1970

Streams: 526,818,901

Estimated royalties: 4,214,551

We dare you to scowl when this song comes on. Ebeneizer himself would crack a smile during this jam. It's infectious and as the oldest song on this round-up, it's proven to have some serious staying power.

Related: Song Lyrics Everyone Gets Wrong

"Underneath the Tree" by Kelly Clarkson

8. "Underneath the Tree" by Kelly Clarkson

Year released: 2013

Streams: 494,094,115

Estimated royalties: $3,952,753

Did you even win American Idol if you don't put out a Christmas album or two? It's basically a right of passage. This song is the epitome of cheer and peak Christmastime mall music. 

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Michael Buble cozy christmas album

9. "Holly Jolly Christmas" by Michael Bublé

Year released: 2011

Streams: 483,865,973

Estimated royalties: $3,870,928

Look who cracked the list twice simply by re-crooning a Yuletide classic. Do your thing, Mikey. Originally written by Johnny Marks in 1962, the song served as the title track on the Quinto Sisters' first album. It is perhaps best recognized in Burl Ives' version, which was vicariously shown through Sam the Snowman in the classic movie "Rudolph the Red-Nosed Reindeer." 

Related: 22 Locations From Famous Songs That You Can Actually Visit

Happy Xmas (War is Over) by John Lennon

10. "Happy Xmas (War Is Over)" by John Lennon and Yoko Ono

Year released: 1971

Streams: 467,239,874

Estimated royalties: $3,737,919

We could always count on John Lennon to bring the peace and it's nice to see this song is still getting love more than 50 years later. Let's hope it's a good one, folks.