The multitude of beings come again and again in existence, 0 Partha, dissolve [to un-manifest] at the approach of the [Bramha’s] night and streaming again at the coming of the [Bramha’s] day.
Purport
Last Shloka described all material objects in mortal worlds that go through a cycle of conversion from unmanifest to manifest and then dissolving again to unmanifest at the start of the Bramha's day and night. This Shloka further describes that living beings living on those mortal worlds go through the same cycle. Though living goes through the cycle of death and birth within the existing state of the manifested world.