Lyric discussion by PapaJ 

It's pretty self explanatory song I think; it's squarely aimed at the music/celebrity industry 'production' and those individuals that want to take him from his humble beginnings to make him a 'star'.

He's pointing out that he's doing it, as he always has, his way and is determined to remain his own man throughout. Those keen to 'manage him' a certain way think that Sheeran (and his ilk) need the execs, the production show, the hype and the perks of the industry ("I can't last if I'm smoking on a crack pipe") all of which is BS and Ed knows it. So he makes it clear, he doesn't need them, they (the execs etc.) if anything need him. They are ultimately talentless and present nothing but illusion.

In response Sheeran points out the 'reality' of his story, his music and his journey with and through music which is worlds apart from the 'empty hype' the 'celebrity industry' presents. So again, they think that Sheeran needs the 'industry' to be of substance, but he doesn't (nobody does). It's ultimately empty, they, in the end, need people like Sheeran to have any chance at justifying their existence.

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