You view this room and think the FP is the item that needs attention?

The FP, the rug, the recliner, and the sofa are the only items I would keep in the room.

The gray wall paint isn't working with whatever flooring is beneath the Persian rug.

The room requires a better solution for the speakers

You could use the photo below to paint or reface the fireplace and create a more contemporary solution for your room.

Changing the fireplace will make little difference in the room as it is. If you want a more modern look, choose the three modern furnishings (chair, log table, sofa) to keep and remove the rest. Then any changes to the fireplace will have an impact.