I think it'd be exceptionally challenging for Wahoo, or frankly any company, to enter - or re-enter the sports/watch space at this point.
While there will always be a section of the space that doesn't care about music, contactless payments, cellular connectivity, pretty screens, on-device 3rd party apps, and more - the reality is, 95% of the market does care about those things - even iron-distance triathletes. And each of those things in that short list is incredibly hard to do (minus pretty screens, that's easy). The barrier to entry to contactless payments is virtually 100% right now, due to the way the banking industry works. The barrier to entry for getting Spotify or one of the other streaming platforms is also 100% right now. Cellular connectivity? Pretty high too.
And that's just the non-sports side of the equation, let alone the massive pile of sports features required. I just don't see how Wahoo can catch back-up, short of a merger with some other watch maker. And even that would be challenging.
Whereas, I think if we look at Suunto/Polar/COROS, they have this wealth of sports features that Wahoo lacks. Everything from navigation/routing to training load/recovery metrics, more advanced features around structured workouts/etc...And each of those categories has dozens of deeper features that the can lean on, to make-up for some of the lack of music/payments/cell/etc type features.
[Edit, forgot to finish my thoughts on the sports side...]
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