Do you have any third party plugins installed?
Go to the below location on your machine and check. Move all of them to the desktop as a backup and clear MediaCore.
Hello, Thanks for the suggestion. I just tried it. I moved all the files out of the folder you suggested and tried to restart. same issue - it hangs on initializing MediaCore.
What are the name of the plugins that were there.
Also, go to C:\Program Files\ADOBE\After Effects CC 2015\Plugins and check if it also contains some third party plugins.
If not then go to Start button search for %appdata% which will highlight Roaming folder in Roaming\Adobe\After Effects\
Rename 13.5 to old_13.5.
Also, go to Documents folder and Rename the Adobe folder. Please do not delete it.
Launch After Effects to check the performance.