What does he mean by "company"? a friend?
Native speaker’s answer
Rebecca
"Keeping someone company" means you are with them so they are not lonely. My own interpretation of the song is that he wants to be in a relationship with this person but not be involved sexually or as a “lover”. Since the person he is singing about may not be comfortable with that. He mentions putting her picture in a frame and sharing his “reign”, which would be considered a serious romantic relationship. Then he says there doesn’t have to be any complications, obligations, or pressure- I assume this means physically. So instead, they can keep each other “company” by hanging out and having conversations. However! It could also be read as a "one-night-stand" situation if no obligations mean no obligations for a relationship. And he says, "ain't that serious", as if saying the whole thing is not serious. "Let's end each other's lonely nights", and then we can "maybe keep in touch". Ex: My friend is studying with me to keep me company. Ex: My dog keeps me company while I am at home.
