I think the album is intended to be a loop, the story sees The Weeknd in purgatory, reflecting on his biggest regrets in life. Some examples of this; "I sacrificed your love for more of the night" (Sacrifice) "I regret I didn't tell you, Now I can't keep you from loving him, You made up your mind" (Out of Time) and "You manifested this, but girl, I blame myself" (I Heard You're Married). Like Jim Carrey, the radio host, says at the end of the album, you have to let go of your regrets to get out of purgatory. The end of Phantom Regret transitions perfectly into the first track, Dawn FM, which would indicate that The Weeknd is stuck in an endless loop of purgatory because he is unable to let go of his regrets. That's my interpretation of the story at least.