I do not think that what I'm about to say is the intent of Adam's There I Said It. But in the spirit of interpretation, I thought it was an excellent way of addressing someone who is gay being in a relationship with someone who is afraid to come out. Living in your shadow is then about complying with the deceit, but not being able to live that way anymore.
If I interpret it in a mind frame of it being a personal song about a relationship, I see it as someone who wants to have a truthful, meaningful, deep relationship being thwarted by someone who wants to keep it superficial. Or is incapable of sharing a deep relationship. Living in your shadow then, to me, has almost a controlled vibe. Like the person who is superficial has been able to put all the restrictions on the relationship.
I actually love the strength and conviction of the words:
because revealing yourself is scary, the person speaking is still holding hope for the relationship (Let's make the smoke and mirrors disappear), and who wouldn't want to live in a completely honest revealed relationship and be loved for exactly who you are?
ETA: Plus having the strength to walk away from a relationship that may be important, because it is not all you want it to be, is not all you know it could be. The refusal to settle. Knowing what you want and being able to express it clearly even if it means the end of the relationship.
I hadn't thought of it being about the music business, I'll ponder that.
ETA: Boy, it just clicked for me that it absolutely could be about the music business, I get it now.