PlayStation - stuck on red Mojang logo screen

[Mojang] Mega_Spud (Jay Wells) - Thanks for all of the helpful information provided so far. For those affected, it would be helpful if you could let us know in the comments whether you have a digital or disc version of the game, and whether you upgraded from Editions, or whether you have Bedrock only. Many thanks.

^{30 Jun} - Some users are reporting that reinstalling the game will allow it to launch correctly again - if you do try and reinstall, please make sure that you make a back up of your world saves that you wish to keep beforehand (either through the cloud or on USB).

^{8 July} - Today we are releasing a hotfix for PlayStation 4 that will enable you to clear your sign in data when launching the game, which we hope will avoid the issue where the game is getting stuck on the loading screen and also crashing. Here are the details:

You may wish to try the following after the game has updated to version 1.16.1.03:

1. Launch Minecraft
2. When the initial loading screen appears, hold the following buttons:
3. Button combination is L1 + R1 + L2 + R2 + OPTIONS + Touch Pad, and must be held until the initial splash screen is removed