I see a few posts of others having the same issue with no responce from a rep. The playstation store fails to load after 30+ mins of doing any activity. It requires either putting the machine in sleep mode or restarting to get it to work again. The display only has the waves going in the back ground and if you press the PS home key it backs out, when you try to enter again same thing with no UI. I would like to know if this is software related and will be addressed in an upcoming patch or do i have a defective unit. An answer to this would be great as i see there are a few asking.
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Are you using wireless by chance? The reason I ask is that I've been having wireless issues and on friday tried a number of things to get the internet working better on the PS4. Anyhow while messing around with stuff I noticed the same issue (it looked like it was trying to load the store but never got off the blue PS4 background screen) and the only thing that I could tell as a common thread across the different tests I did where I had this store problem, was that my download speed was very low when I would see this store issue (about 600kbps). When I finally got a setup that was working well for me (2.8Mbps or so) the store issue went away as well.
Not sure if this will help you out at all but it might be worth a shot to check on your network download speed (my numbers are what I got from the PS4 connection test) and see if it is low. And yes 2.8Mbps is pretty bad but my crappy DSL maxes out at 5Mbps and the PS4 has had terrible wi-fi for me since day one so I call 2.8Mbps pretty good in my situation.
I'm actually still wireless, but I setup a wireless repeater/bridge a lot closer to my PS4 than my main router is (its about 10-15 ft away now). I tried hooking the same router (the one I'm now using as a repeater) so that I was hard wiring the PS4 into that and then it was acting as a wireless bridge but that didn't work very well so I tried the wireless repeater mode and that has been working well since late friday evening.
Also I was able to use the browser just fine, and use netflix (although it was a bit slow to load the tiles) even when I was having the problem of not being able to connect to the store. My signal strength according to the PS4 was about 60% also so the connection doesn't have to be all that bad for issues to crop up. Anyhow good luck, and if you do have a wired option I would use it, I don't have the time or money to put into running a wire under my house up to my PS4 though so I'm stuck with one wireless solution or another which has never been a problem for me till the PS4 :-(
It's not just today's PSN maintenance. It's been happening to me ever since I got the PS4 on launch day.
For your problem, you could try rebuilding your databse. When entering safe mode, choose option 5 "Rebuild Database" and see if that helps any. A step-by-step guide can be viewed here, PS4: Safe Mode.