Apple TVos17.4 stuck on step 1 of 2 Preparing Update.

Update your Apple TV - Apple Support

* If the progress bar for the update appears stuck or paused, and "Preparing Update" or "Applying Update" appears on your TV screen, allow more time for the update to complete. If you've been waiting for more than an hour, contact Apple Support before you restart or unplug your Apple TV.

I have the same issue on Apple TV 4K, 1st generation, 32GB.

Contacted Apple support and their suggestions were very similar to what I found online. Have also tried doing a Reset and Update with no success. Now trying to update over wifi rather than ethernet connection to see if this makes any difference.

Are you still have that problem? I am currently have the same issue.