Post a picture of the entire room.

Is there seating FACING the TV???

You could extend cabinets left and right and put bookshelves on both sides of TV or just bookshelves

As I get older and have "collected" more things than I really have room for, I hate to see someone buying things just to fill up space. Life will give you enough stuff to stick there eventually--a birdcage for your daughter's bird, aquarium for the fish your son won at a fair, grandma's chair, that weird totem pole that you bought on vacation, etc.

In the meantime, do you already have things in your house that you could put there? If not, I recommend double-duty items. That is, baskets, chests, or dressers that you can store clutter in when company comes over. Bookcase to organize things in your house, etc.

IMO go to Ikea and get Besta pieces to fill that wall for storage, TV and display . Take your time to design the pieces to work for you. Post better pics of the whole space here in acommnets DO NOT start another post . Begin by facing the seating to the TV

Do a scale drawing of the room, windows, doorways, outlets, furniture. Place your seating the ideal distance from TV (see table below). Place the rug - try running the stripes with the floor grain and then across the grain to see which look you prefer. If you have an extra arm chair and floor lamp - or side table and table lamp - place them in the corner angled toward the seating for conversation and internet surfing. (A faux tree that looks faux won’t benefit the room and one that looks real may be as costly as a new chair - and a chair is more useful for your money.)

Consider a pair of chairs, one on either side of the TV angled toward the middle of the room.

You have the beginning of a nice Besta unit (but assemble it correctly so the pieces line up). You can add on to that - a couple more base cabinets, some side pieces and a bridge setup. Make it an important focal point in the room.

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plus potted palms

and floaty drapes and a color pillow

Bigger rug with a small pattern, pull the couches a foot off the wall, and curtain panels framing the windows. Some throws and throw pillows, a large, square coffee table. Mount the tv on the wall and get a taller, wider console for underneath it. Don’t do the whole Besta system.

We might recommend some plants and artwork in those blank areas.

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Including artwork on a TV wall is a great opportunity to express your personality.

I think the tv stand is too small for the tv, and the furniture definitely should be floating in the room instead of pushed against the walls

Shelving if you need the storage but if you don’t, don’t buy something just to fill the space. A tall leaning mirror on one side and artwork and a nice plant stand with multiple plants on the other would look nice

Have you considered replacing the rug? It’s pattern is so close to the floor that to some extent, they blend into one. Consider picking up the color from your sofa for a rug. Adding color to the floor could warm up the room. Good luck.

A big bold painting brings serious flair, and can instantly change the vibe of any space. Whether hung above a bed , sofa or elsewhere in the room, a painting can create a focal point with impact and add both color and dimension. Here are some suggestions you might like -

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I am going to second the comment about the rug. It is so close in appearance to your flooring that it is almost indistinguishable. It might work better if you rotate the rug perpendicular to the flooring.