SFGate

varonjy I love the niches! It's so much more cozy than a boring 4-corner-room.
Well, not the cheapest variaton, but i would add customised wall cupboards in both sides. And definetly hang the TV in the middle of the wall (put the electricity up there is maybe quite expensive, but I think you'd love it).

olldbobbi I would paint the walls behind the shelves an accent color, and replace the shelves with deeper shelves, ones that come all the way out to meet the tv wall. The shelves you have now are too shallow! Fewer and larger items on the shelves would be perfect.

Dina Goebel I just found this example here in Houzz by Niki Papadopoulos while writing my recent blog. I love the use of the accent colors in the niche but be mindful of creatively stacking your goods perhaps with some decor boxes for the smaller items.

In the bottom half find some 2nd hand tables and paint them white or add another pair of shelves.
Also hang the tv on the wall and lose the little black cabinet.

Patricia Thurton thanks for the suggestion, these are definitely ideas worth looking at.