Why is minecraft stuck on the red loading screen?

The issue seems to be a corrupted installation from a recent update. Here is what you should do to fix it.
WARNING: THIS WILL ERASE YOUR SAVES. BACK THEM UP!

• Take out the disc and close the game. (If you have a digital copy, just close the game.)
• Go to settings - storage - Internal (Or game install area) - applications
• Go to Minecraft, hit options - Delete.
• Select Minecraft. Hit delete and confirm.
• Exit settings, go to the game library and reinstall Minecraft. (If using a disk, just reinsert it)
• Wait for it to update, and your game is now fixed!