Entertainment Music Daddy Yankee Announces Retirement, Plans for Farewell Album and Tour: 'I Am Going to Enjoy' Life Puerto Rican rapper and singer Daddy Yankee will release his final album, Legendaddy, on March 24 By Nicholas Rice Nicholas Rice Nicholas Rice is a Senior Editor for PEOPLE Magazine. He began working with the brand as an Editorial Intern in early 2020, before later transitioning to a freelance role, and then staff positions soon after. Nicholas writes and edits anywhere between 7 to 9 stories per day on average for PEOPLE, spanning across each vertical the brand covers. People Editorial Guidelines Published on March 21, 2022 09:49AM EDT Photo: Christopher Polk/Getty Images for NARAS Daddy Yankee is retiring from music. The Puerto Rican rapper and singer, known as the "King of Reggaetón," announced on Sunday that he is stepping away from music after an illustrious near three-decade long career. "Today, I'm announcing my retirement from music by giving you my best production and my best concert tour," Daddy Yankee, 45, said in a statement obtained by PEOPLE. The musician, born Ramón Luis Ayala Rodríguez, went on to note plans for a farewell album. "I will say goodbye celebrating these 32 years of experience with this new collector's item, the album Legendaddy," he wrote. "I'm going to give you all the styles that have defined me, in one single album." Legendaddy will mark Daddy Yankee's first studio album since 2012's Prestige. The musician is best known for his 2004 hit "Gasolina," as well as for taking part in 2017's "Despacito," his No. 1 single with Luis Fonsi and Justin Bieber. The new album will also be supported with a tour. Daddy Yankee's La Ultima Vuelta tour is scheduled to travel across the United States starting on Aug. 10, before making stops throughout South America. The concert series will then conclude in Mexico on Dec. 10. Never miss a story — sign up for PEOPLE's free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer, from juicy celebrity news to compelling human interest stories. Rodrigo Varela/Getty Images for Univision Daddy Yankee Says He 'Took the Bullets' for Reggaetón: 'I Wanted to Take My Culture to the Top' In a video shared on social media Sunday, Daddy Yankee confirmed his retirement and reflected on his career. "This race, which has been a marathon, finally sees the finish line. Now, I am going to enjoy what all of you have given me," the singer said in Spanish in the clip, according to a translation from CNN. "People say that I made this genre worldwide, but it was you who gave me the key to open the doors to make it the biggest in the world." "I'll give you all the styles that have defined me on one album. Legendaddy — it's fight, it's party, it's war, it's romance," added the star. Never miss a story — sign up for PEOPLE's free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer, from juicy celebrity news to compelling human interest stories. Daddy Yankee was a pioneer in reggaetón music, and is credited for coining the word in 1994 for the then-emerging genre, which synthesizes American hip-hop, Latin Caribbean music, and Jamaican reggae rhythms with Spanish rapping and singing. His first studio album, No Mercy, was released in 1995. He's sold 20 million records worldwide since, and has received a slew of awards and honors, including 10 Guinness World Records and 7 individual Billboard Music awards (the most for any Latin artist). Legendaddy will be out on March 24.