decoenthusiaste Your cabinetry and FP seem very contemporary. Is that your style direction? Here's a look I like and it "vanishes" the flat screen. Might really pop your teak looking built-ins. I'd light them up and do some styling with 1/3 books, 1/3 open space and 1/3 decor. Do you have something colorful you're keeping that could inspire paint colors? I would focus on the media room aspect with room darkening window treatments.
standinginline Your fireplace says modern...cabinetry more traditional, and from what I can see of your furniture, it also leans traditional, so I would stick to "traditionalizing" the fireplace instead of forcing the whole room into a modern look. Start picking out the different elements of traditional fireplaces that you like, and then decide on what you like best. The fireplace is screaming for some type of texture, so tile or stone or maybe even wood would be ideal on some of the fireplace surround. Based on your wood tones, and furniture, keep to warm tones. Floor length curtains would work well in this type of room.
kamila23 Thanks to you all! Yes right now furniture more traditional but looking to modernize a bit.Wall color is actually yellow, but leaning towards a more neutral color.
I added a few colors on top of Dytecture's Color option.
Hope this helps!