Converting worlds making no progress
Solution 1:
Apparently this happens when your account didn't have a world save pre- patch 1.3. So basically the game is trying to convert an older save to a new save but there's no old save for it to convert it from.
There is a way that you might be able to fix this, but you need another controller and another account that has either never played the game or an account that has had a save pre 1.3.
Steps are as follow (only do this if your save is uploaded to the cloud otherwise you'll lose the progress)
- Manage game (press start on Terraria)
- Go down to Saved Data -> Delete all, this will delete the local save
- Log out of the primary account, log in to the new account, launch the game and create a character + world
- Load into the world, press A on the other controller and pick your primary account
- You should load into the game, once fully loaded press save & exit.
- Close the game, sign out of secondary account and go back to your primary and hopefully everything's fixed.
If you can't try this then I have a feeling you need to completely restart.