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βασιλεία is "not to be confused with an actual kingdom but rather the right or authority to rule over a kingdom." ³ In other words, it is the kingship (βασιλεία) being celebrated by the voices and the implication is there is a coregency of "our Lord and His anointed (see below)."

Seventh Seal       Many voices are silent     One voice is silent
Seventh Trumpet    Many voices say...         One voice is silent
                   24 Elders say...           One voice is silent
Seventh Bowl       Many voices are silent     One voice says "It is done!"

βασιλεία is "not to be confused with an actual kingdom but rather the right or authority to rule over a kingdom." ³ In other words, it is the kingship (βασιλεία) being celebrated by the voices and the implication is there is a coregency of "our Lord and His anointed (see below)."

Seventh Seal       Many voices and Elders are silent   One voice is silent
Seventh Trumpet    Many voices say...                  One voice is silent
                   24 Elders say...                    One voice is silent
Seventh Bowl       Many voices and Elders are silent   One voice says "It is done!"

Translation
In his commentary Henry Alford gives this analysis:

Ellicott adds to Alford's observations:

Perhaps the best way to achieve the correct emphasis on the reign is to remove “He:"

βασιλεία is "not to be confused with an actual kingdom but rather the right or authority to rule over a kingdom." It is the kingship or authority (βασιλεία), which is announced by the many voices.

Understanding
What the many voices say must be placed in context; heavenly speaking after the seventh trumpet follows the pattern of the seven seals and seven bowls:

In terms of what is said in heaven, there is a distinct pattern. After the silence (no voice saying anything) the progression moves toward a single voice saying one thing. Given the knowledge there are many voices which can speak (i.e. after the seventh trumpet), we can say these same many voices were silent after the seventh seal (and again after the seventh bowl).

After the seventh trumpet and the many voices, more speaking is described:

Logically, what is said should be considered in light of who is speaking, but the identity of the many voices is not given. Whether the 24 elders were included is not stated, seemingly they are not. Regardless, what the 24 elders do and say should be considered as responsive to the message of the many voices. But before speaking, the 24 elders get off their thrones and are never again described as sitting on or having thrones.

In other words, following the proclamation of the reign of the Lord and His Christ, the 24-elders leave their thrones (θρόνους) and do so for the remainder of the book. In terms of reign, this is what John has described:

Therefore, in terms of the reign (v. 15), "our Lord" is referring to Jesus Christ (as everywhere else in the New Testament). His "christ" is not The Christ. The Lord's christ (i.e. anointed) is David.

The many voices should be understood as acknowledging the fulfillment of the Davidic covenant:

The kingdom of the world is become our Lord’s [Jesus Christ] and of His anointed/christ [who is David] and shall reign to the ages of ages.

1. Henry Alford, The Greek Testament, Volume IV, Moody Press, 1863, p. 665
2. Charles J. Ellicott, Bible Commentary for English Readers

Translation
In his commentary Henry Alford gives this analysis (his emphasis):

Charles Ellicott adds to Alford's observations stating the Greek does not support placing emphasis on the pronoun "He" in "reigns:"

Perhaps the best way to achieve the proper understanding is to remove “He" which may be implied but is not present:

βασιλεία is "not to be confused with an actual kingdom but rather the right or authority to rule over a kingdom." ³ In other words, it is the kingship (βασιλεία) being celebrated by the voices and the implication is there is a coregency of "our Lord and His anointed (see below)."

Understanding
Heavenly speaking (voices) after the seventh trumpet follows the pattern of the seals and bowls:

In terms of voices in heaven, there is a progression toward the single voice. Given the knowledge there are many voices which can speak, we can say these voices which spoke after the seventh trumpet were silent after the seventh seal (and again after the seventh bowl).

After the many voices make their proclamation additional speaking follows:

What is said should be considered in light of who is speaking and what they are doing, but the identity of the many voices is not given. Whether the 24 elders were included is not stated (seemingly they are not as speaking appears to always be attributed to a source). Regardless, before speaking, the 24 elders get off their thrones and are never again described as sitting on or having thrones.

This is particularly relevant in context: following the many voices celebrating the reign in verse 15, the 24-elders leave their thrones (θρόνους). And they remain off for the remainder of the book. Thus, after the seventh item, John has also described a progression involving thrones:

Therefore, in terms of the reign (v. 15), "our Lord" is referring to Jesus The Christ (as everywhere else in the New Testament) and His "christ" or anointed, would be King David.

The many voices should be understood as acknowledging the fulfillment of the Davidic covenant with coregents:

The kingdom of the world is become our Lord’s [Jesus Christ] and of His anointed/christ [King David] and shall reign to the ages of ages.

Thus both the pattern and type of King David's final reign mirrors its beginning:

Beginning                 Ending
The anointed King Saul    The Anointed Jesus
The anointed King David   The anointed King David

Psalm 2
The LXX rendering of Psalm 2 has the nearly identical phrase "the Lord and his anointed" and some versions include the superscription (absent in the MT) stating it is a Psalm to David:

A psalm to David. Why did nations neigh, and peoples meditate upon vain things? The kings of the earth stood by, and the rulers gathered together against the Lord and against his anointed. (Psalm 2:1-2 ABP)

ψαλμός τω Δαυίδ ινατί εφρύαξαν έθνη και λαοί εμελέτησαν κενά παρέστησαν οι βασιλείς της γης και οι άρχοντες συνήχθησαν επιτοαυτό κατά του κυρίου και κατά του χριστού αυτού

του κυρίου ημών και του χριστού αυτού (Revelation 11:15)

The only difference is the voices in Revelation call "the Lord", "the Lord of ours."

The ABP also has a textual variant from the NU and M text at verse 11:17:

λέγοντες ευχαριστούμέν σοι κύριε ο θεός ο παντοκράτωρ ο ων και ο ην και ο ερχόμενος ότι είληφας την δύναμίν σου την μεγάλην και εβασίλευσας

The phrase "ο ων και ο ην και ο ερχόμενος" is a clear connection to Jesus (cf. Revelation 1:4, 1:8, and 4:8) and some manuscripts were made to make the connection between the Lord God Almighty (v. 17) and Jesus clearer.

1. Henry Alford, The Greek Testament, Volume IV, Moody Press, 1863, p. 665
2. Charles J. Ellicott, Bible Commentary for English Readers
3. βασιλεία

The kingdom of the world is become our Lord’s [Jesus Christ] and of His christ [David] and shall reign to the ages of ages.

The kingdom of the world is become our Lord’s [Jesus Christ] and of His anointed/christ [who is David] and shall reign to the ages of ages.