Art is all you need on that wall. You could introduce colour with the art, but I fancied the b/w. When you lift the TV you will have a bit more space to liven up the table below it. And I think a small black sidetable between the chairs would make them feel more comfortable and companionable.

http://www.terapeak.com/worth/tete-et-feuille-framed-art-print-by-fernand-leger/151793183237/

Pretty rug and chairs.

I would get a much longer media console, almost as long as the wall, mount the TV just above it on this end, and hang art over it on the other end.

Do you like having the TV in the traffic path? It doesn't look like anyone sitting in those chairs can enjoy TV, and I think the same may go for the sofa. Can we see all walls here? I think you could use some help with the furniture arrangement.

I agree with decoenthusiaste, how is the furniture arranged in relation to the TV?

You could flank sconces on either side of the TV, or put art beside it. You can see what we did in both of the photographs of our designs attached here.

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When there's a TV in the room it really IS all about the TV, and it is clear to see that's where your children's attention is. I would turn the rug, around and place the sofa with its back to the dining area. Then center the TV on its wall and flank it with the two chairs. You might enjoy a couple of floor or bean bag chairs for the kids, but be sure you have storage where you can put them out of site when you entertain here.

I think the arrangement is fine. You might try shifting the entire
seating arrangement, rug and all, away from the window so it's more
centered on the TV. It would be more aesthetically pleasing, I think.
You could put a sofa table behind the sofa with lamps.

Here's some suggestion for your wall you might like......to know more about my Art work and collections please visit my shop on Etsy website -

https://www.etsy.com/shop/PooviArtGallery?ref=pr_shop_more