Considering the whole album, where all songs could really be just on big song, and which every lyrics is related with the history of Jonathan, I think Blackie is actualy singing to a whole crowd, to Jonathan's fans (and Blackie's too), instead of a specific person, as it might appears.
Just bear with me a bit:
Starting with the first verse, where he talks about "the flame", it could easily be the passion for music, which flows in his whole body, specially in his most important organ: the heart. The flame is so intense that it controls his life, in a point that it actually hurts, since he can't life without it, but it depends on someone else. Pointing out that "the rain" can't put out the flame is a proof that it's not an ordinary passion; it persists in his life, and he must live with it "burning his heart".
At first, the passion (the music) is great, the meaning of his life, but a musician and music itself, only exist if there is someone to listen, someone that will actually care about the artist, that's where the pain resides.
He asks to be hold in someone's hands, so he can exist, so he won't be alone and the pain will eventualy disapear. This someone should be his fans, not a specific person, but the people that support that artist and make him do what he does best: the music. That's why he is so afraid to be alone, 'cause once he's all by himslef, no one will listen to his passion, and therefore he can't live. Also, it points directly to the music industry as hollow and as cruel as it is.
Pay attention to the lines "Oh no, don't let me go cause all I am. You hold in your hands, hold me". It means that when the fans are "holding" him, he is himself, in his full glory, and he asks them to hold him, so he can live with his mortal passion and bare the pain.
This song is probably the most beautiful song ever writen, it's THE rare gem, that is still buried, with it's existence denied from the world. It's art in it's true form. Powerful.