505 Games has announced that Terraria will no longer receive updates on PS3, Xbox 360, and Vita after September. The final update will bring in over 100 fixes for various bugs, but no more will follow. This is due to the fact that hardware limitations are making themselves known and cannot handle further updates without sacrificing performance.
If players choose to upgrade to the PS4 and Xbox One versions of the game there is the option to transfer worlds. The dropping of the old gen and Vita has led to 505 Games ending major partnerships with Engine and CodeGlue. Engine will remain until the update is out, while CodeGlue will stay to work on updates for the 3DS version of the game. A new studio called Pipeworks will handle future updates for the console and mobile versions of Terraria.
It was also announced that update 1.3 for Xbox One and PS4 is well underway, and that it will bring Expert mode, more than 800 new items, Celestial Invasion Event & Moonlord final boss encounter. However this update isn’t expected to be fully ready until Q2 2017. At that time there will be a reset of sorts for the game where there will be other major improvements to bring the console version in to line with the PC version. The update won’t wipe player data.