The Wild beast represents a specific succession of Major empires.
At the time it was written it could be said five had already fallen (Egypt, Assyria, Babylon, Persia and Greece)
One was existing when Revelation was written = Rome
One more was to come.
One of these 7 heads appears to be destroyed/slaughtered. But then it reappears and is counted as an eighth but is one of the seven - most likely the seventh after it revives from its sword stroke.
I believe the Seventh head that dies is the Soviet Union which was signed out of existence exactly 15 years ago December 8.
It is clear that Russia is reasserting itself and making the USA feel very uncomfortable.
The USA is Babylon the Great. It is the richest entity the world has ever seen. It is a hegemon sitting on top of the whole world. In particular it seeks to dominate Russia - the Beast.
This parallels the final struggle of the King of the North and the King of the South in Daniel. The King of the South (USA) pushes the King of the North (Russia) Anyone who doesn't think this is going on right now are totally ignorant of geo-politics. NATO (with USA backing) has pushed into former Warsaw Pact nations and is now courting Georgia, Ukraine, Moldova - former members of the USSR. Russia has been successfully maneuvering to get the USA out of its former Repbulics.
In Daniel the King of the North destroys the King of the South. And in Revelation the Wild Beast (Revived Soviet Union) gets the harlot of its back and eventually destroys the USA (harlot).
There is more to this. I realize that this interpretation is in conflict with most. Many are hung up on assigning a religious identity to Babylon the Great. The Watchtower thinks the beast that was but is not and then IS - is different from the Revelation beast that receives a death-blow and revives.
The ten horns on the seventh head of the beast is a confederation of former soviet states that recently received power but fall back into some kind of security group to settle some issues with Babylon the Great (USA). The Watchtower says that the ten horns represent ALL the nations of the earth in the UN. Impossible. The Bible criteria for these ten horns is that they NEVER really had a kingdom of their own before.