This recording originally existed as a bootleg single, backed with "Heroes" which Bowie also performed on the 30 November 1977 TV special "Bing Crosby's Merrie Olde Christmas". Bowie had reservations about singing "Little Drummer Boy", so Ian Fraser, songwriter Larry Grossman, and show scriptwriter Buz Kohan set about arranging the Katherine K. Davis song "Peace on Earth" as a counterpoint for Bowie to sing as a duet with Crosby. Bowie & Crosby recorded it together at Elstree Studios on 11 September 1977. Sadly, Crosby died shortly before the show was aired.
RCA issued the recording as an official single in 1982, complete with the dialogue and supported by a 12" release. "Fantastic Voyage" from the "Lodger"
album is on the B-side. This single reached #3 on the UK charts.