the speaker has been holding out for someone to return the love he has been putting out there. he finally figures out he has to go on living his life, and is letting go of this love he's been holding on to, by making it seem like he's letting the other person down gently, rather than being hurt himself.
he's just realizing he's neglecting other parts of his life by putting so much energy into someone who doesn't want him back, or someone who is trying to just keep him around for whenever they feel like having somebody.
the speaker has been holding out for someone to return the love he has been putting out there. he finally figures out he has to go on living his life, and is letting go of this love he's been holding on to, by making it seem like he's letting the other person down gently, rather than being hurt himself.
he's just realizing he's neglecting other parts of his life by putting so much energy into someone who doesn't want him back, or someone who is trying to just keep him around for whenever they feel like having somebody.