Keep it simple. Paint the TV wall dark and add shelves. See inspiration photo

I agree with Margo and like this image as a guide

Contemporary Family Room by Birmingham Interior Designers & Decorators Jeffrey King Interiors

Oops

I would do a stacked rock wall for eye interest and texture. I personally do not like the TV surrounded by accessories, shelves and art. I find it distracting.

Patterned or textured wallpaper.

If you are after inexpensive and easy then I agree with the color blocking which can define the area and floating shelves from Ikea although to keep it modern I would go more asymmetrical and move your TV off centre as well. If you want to spend more there are some great 3-d panels that adhere to the wall. See www.richelieu.com.

Thanks for suggestions. To clarify a bit:
- wall color stays / it is matching couch opposite
- tv is 60in So the wall is ideed pretty big
- style is modern and tv shelf is custom made to match the floor (it is 3m long) and has an LED light strip along the top to illuminate the wall
- wouldnt sant to mix cheap ikea into it just yet

I thought of moving the tv itself a bit to the right and balance it out with some tall white vases. But that is a little boring also....

May be a copper clad 4 squared storage units /cupboards on the left side? I have 2 large domed copper lamps in kitchen to the left of this.

What about hanging many pictures all around it?

Silver - you echo my moving tv to the side idea! Cool.

Tallest I think you and I are on the same wavelength. Moving the tv to the side with the tall vases (your idea) with odd shaped curly twigs to bring in a natural element to balance the modern and add a floating shelf that spans 2/3 the way from either end will help fill the space and keep it cool feeling. Then layer the shelf with black and white photos in black frames, some silver , white and rattan accessories and I think you are good to go.
Good Luck,
Kelly
Silver Design Group

Here tv is moved towards right where curtains are...

I might just add a shelf of same length as tv stand above tv - and fill that shelf with some books and personal artifacts... But I like simplicity of this and illuminated wall loses its point with a shelf above.. This is so difficult lol!

TV is much better off center. The candlesticks are not large enough to balance but that is the idea. Two vases in white in two sizes with the same twigs/branches will work and the shelf.

Yup, now that tv is offset it is also easier to see it from kitchen, and left side can also take a vertical snake type of a shelf. Who knew moving tv would be the start I wanted!

See win win...you have to see the from the kitchen LOL