I also have this issue. This started after I upgraded to the Nether Update. I started a few years back with a purchased disc copy of Minecraft for PS4. Upgraded to Bedrock at the Buzzy Bees update. The upgrade to the Nether Update originally loaded fine and played several times. However, this issue began after a hurried shutdown. I had just loaded my game... and had a family emergency to attend to. So without saving my active game, I clicked the PS button and selected to close the app and shut down the PS4. After this, I get stuck at the red Mojang Studios loading screen. Hope this helps Mojang solve the issue soon. I miss my latenight Minecraft. The new Nether bioms are awesome and I look forward to getting back to playing.
After reading the info from several saying to delete and reinstall (Like Michael Yates in this chain, thank you)...
Delete and Reinstall worked!!! I took a video of it all, I will need to figure out how to post it. I got the red loading screen glitch, when I closed the Minecraft app, without first saving my game. I had just loaded my game in... and something came up, had to shut down quick, so I just closed the app without saving to shut down quick. I figured, I hadn't done anything yet, so just shut down. Next load... got the never ending red loading screen.
Here is what I did next:
1) I turned off the internet in Settings/Network
2) In Settings (not library, don't know if that matters)/Storage/Applications, I selected Minecraft, hit Options on the control, selected Delete, checked the box for Minecraft, took a deep breath, and deleted my Minecraft with 2 years of my stuff in it.
3) Ejected the Minecraft disk
4) Put Minecraft disk back in and reinstalled the PS4 edition of Minecraft (I was encouraged when I saw my old school PS4 edition games still there!!!)
5) Once PS4 Edition was reinstalled from the disk, I turned the Internet back on (Settings/Network). Was prompted to update to the Nether.
6) I installed the Nether Update. This took 25 minutes to download with my DSL internet (painful long wait)
7) Once it was all updated, I started Minecraft... got the red loading screen... but in less than a minute, advanced to the white Minecraft screen... and there it was. All my stuff was still there!!! Everything was back!!!
I even had a glitch that was not loading a skin pack... and this was now working also. EVERYTHING was there and working. I have a PS+ account and had backed up everything on line... but did not need it. The save files on the PS4 hard drive were all that I needed.
I don't know if this will work for "all red loading screen glitches"... all I can tell you is that it worked for mine... when I glitched for not saving my world before stopping the app. After 3 days of no Minecraft... I am playing again!!!
THANK YOU!!! To everyone who said "Delete and Reinstall" (like Michael Yates in this chain). I will see if I can post this video to show the above steps.
FYI: I have had 2 crashes after I got the red screen glitch to clear with the above steps. But these crashed did not result in the red loading screen glitch again for me... I just needed to restart Minecraft and play on. The Nether Update has a lot of bugs Mojang needs to work out... and hopefully soon.