The speaker accepts responsibility for a relationship that has lost its magic. He says his partner is not at fault and that he does not want to make her suffer, so he suggests ending things rather than continuing to fight or pretend. The mood mixes regret with a firm desire to let go.
“Put the blame on me” means asking the other person to hold him responsible, perhaps to spare them guilt. “The magic” suggests the excitement or attraction that once brought them together, not literal magic. The promised kiss points to affection he said he would give but apparently never did, making the breakup feel personal and unfinished.
There is some tension between taking blame and avoiding a fuller explanation: he admits he was the problem, but does not say exactly what he did. His words may be meant as kindness, yet they could also make the breakup easier for him by presenting it as a simple decision to move on. The lyrics leave open whether the relationship is truly over or whether the missing kiss represents one last chance for closeness.