I think it is fine left bare, but you might want a warmer color there that goes with the furniture and FP stone colors. It looks a little cold to me.

How about matching floor lamps flanking the tv console? You could scoot the chair out a little bit. It looks like you could use lighting at that side of the room too. The console could stand to be a little longer, so the lamps will visually extend it as well.

Dimond D1427W Waverly Transitional Floor Lamp · More Info

I feel like you need a larger console for a large TV, even if it's hanging. Once you do that, it won't look so bare -- might even allow room for a table lamp on the side by the chair...

(think it's ok to go without hangning anything there though)

Credenza's below TV should be at least 25% wider than the set. Increasing the size of it might help visually.

I agree that at a minimum the credenza should be wider, and then maybe some coordinating art on either side that would bring in some accent colors to lessen the visual demand of the eye going to the TV as a room focal point aesthetically speaking.

However, that being said, if it were my house, that looks like a great place for floor to ceiling built-ins with bookcases, cabinet space and drawers, with a center area for the TV. I think the TV makes too much of a statement by itself on a very focal point/wall in the room.

You could even use retractable doors on the recessed area for the television so it doesn't have to be visible when not in use. That's an important design wall in the room, and I wouldn't give the TV the final word. It's a lost opportunity for really enhancing the impact of the room. :)