Lyric discussion by Nexialist 

The song is sung from the perspective of the mistress. Robyn explains it here:

Robyn: "The song is above love between 2 people, but there's 3 people involved."

Friend: "And who's winning?"

Robyn: "Me! I am winning!"

youtube.com/watch - Source

I honestly think the lyrics to this song are fabulous. It is so touching. My heart breaks for the girlfriend but at the same time I feel like the mistress is such a good person. She is concerned about her lover's girlfriend so much. And she appreciates the fact that while her lover may not be "in love" with his girlfriend, she is still someone important to him. This is shown when she says "and it might not make sense now, but you're still her friend." The mistress knows. Just because they aren't going to be together any more doesn't mean he doesn't still care for her as a friend.

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