Move the TV to the wall opposite the windows. Put a console under it to store the components. Art over FP. Choose something you love not "decor" from a home store. More interesting items for the shelves

For my taste, there’s too many knicky-knacky items. One $200 item is worth more, and more attractive than, ten $20 items.

Is there any other place for the tv?

The step-down effect, viewed from left to right, seems amateurish. Do you have to keep the shelving on both sides of the fireplace? I’d like to see the fireplace stand alone on the wall with a tasteful wood mantel and one attractive large picture propped up on it.

Keep the family photos….reduce the number of small things. If the two black things on the right side are a stereo, consider enclosing them in a nice wood cabinet or place the tv in that area (it’s more comfortable to watch a TV at eye-level). Hang a painting above the fireplace.
Add a few colorful items to break up the white-white-white…but just a few.

What's the budget? Are you asking about decor or about demo?

Remove the entire shelf. It’s not working.

Is the equipment there a 'must'?

Love many of the above suggestions! Simplify the whole wall. Too many little odds and ends and even the divided up areas of the shelving and weird raised flooring to the right break up the flow of the eye .When you pick out things to display, only use things you love. And if you must do family pictures, then do a whole bunch of them in different sizes that are a collection - using similar color frames - maybe all silver or all bronze or all black and maybe in different pieces of moldings. They need to have something in common to make it cohesive. Displayed objects need to have balance which doesn't necessarily mean begin placed equally. The eye needs to flow rather than jump around. One beautiful picture, wall hanging etc over the fireplace as it is a focal point. I've seen uses of pictures over TVs so that when the TV isn't in use, the picture is the only thing showing. I haven't seen it in use though so I cannot speak to practicality.

Id fill the shelves with books, consider an erect or hanging plant to the right and hang the photos

If demo is not an option, I would get a log holder for the right side and stack logs tall enough to balance the shelves. Why are you placing decor at the extreme outer edges of shelves? That vase is making me anxious.

It looks like you might be able to place a tall piece of artwork on the right side and perhaps fill your shelves like we have done in our designs below:

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