What should I do with this room?

Lounge? Is this a private home home?
Don't let the sofa hug the wall. Use a large rug to create a seating area. Perhaps put some bookshelves along the walls.

Your photo, on my computer, is blank....so I cannot see the room.

Howsoever, as a decorator who has decorated large rooms and based upon other people's answers, the space sounds large.

The best way to treat large spaces is to break them down into individual areas. Often rugs are the best way to define areas within a large space. So, figure out the amount of seating you need to comfortably watch television, with the furniture floating in the room (not against all walls). Use an area rug to anchor the television area.

If you will also be using the space for dining, that can be accomplished by setting up a dining area behind a couch. If you already have a dining room, you may elect to have just a small table with chairs to use as a dinette area or a place to have family gather to play games or cards. Otherwise, an area dedicated to reading would be nice with book shelves and comfortable chairs under the right lighting.

Speaking of lighting, you should have several layers of lighting in the area. Task lighting and ambient lighting in areas where needed is important for a functioning area, light wise.

Pick a color pallet you love. You can get your color choices from an inspirational item such as art work, an area rug, decorative pillows, curtains or upholstered furniture. For a large room, it is best to have solid colors mixed with a coordinating large and medium print where fabrics are used. Pick the paint color from your inspiration piece(s). So, your first step is to go window shopping to see what is available.

Start with a budget and do not expect to plan the whole room in a weekend. Rooms evolve with carefully selected furnishings.

Make an accurate layout of the room to create what I call a "Room Bible". With graph paper, lay out the room so one square equals one foot. Add the windows and doorway openings and doors. Carefully measure the windows and how far off the floor they begin. Armed with this information will help you when you pick out furnishings so you knowhow they will fit into the room before you bring them home. See the below link to give you a virtual aid in planning your room's furniture layout. This will help you avoid mistakes.

If you buy things you love, you will end up with a room you are proud to spend time in. Think about what you need to buy new and consider buying used items at a consignment shop and even thrift stores. You would be amazed with what a coat of paint and a change in hardware can provide for fantastic affordable furnishings for your home. A gawd awful lamp with a great profile can be a wonderful light with a simple coat of spray paint which is now available in metal finishes, mirror finishes, seaglass finishes and the like. I have been using dressers and consoles as television stands as these are great pieces for storage of electronic accessories and other things that typically clutter a room. So, keep storage pieces in mind when buying furniture.

Although many people are placing their televisions above a fireplace, that viewing angle wrecks havoc on the neck. Many of my clients are taking the televisions from above the fireplace to view at a lower angle. Not sure if you have a fireplace because I can't see the photo.

Pinterest.com is a great source to get wonderful ideas from every day people with every day budgets. If you simply use the keywords "decorating a large living room" you can get some inspiration that will surely help you make some choices. Good luck.

This below link will help you "move" furniture around your room without lifting a single finger. My client's husbands love this link as it saves them a lot of back ache moving furniture all over the room!!

I realized a while back when decorating a huge room.........any furniture has to brought in toward the middle of that room.........it looks silly against the walls.........try using slides for wood floors under the legs to protect your wood flooring and try putting your furniture in different patterns until you are comfortable with the results.
Looks like picking a certain style first would help of course and thus meaning pictures that coordinate with all of it..........good luck and have lots of fun being creative.
The heavier the furniture is the larger the slides has to be per leg on a sofa etc......
If regular wood floors.........the best cleaner is called BONA..........

Beautiful place! You can consider adding large canvas prints or wall art in the spacious wall. Also, you can consider to add some area rugs to level up the room.

Beautiful space! Add books, a painting you love, and plants!

add nice chandelier and add beautiful paintings on wall, you can keep nice book shelf.

wow--nice space! if it were my house it would be a library/music/game room. I'd line the walls with books, one wall would have a built in for game storage, TV and musical instruments. Then I get a comfy floor rug and a few sofas or a big sectional and make an area for reading and playing games. That would fit my needs---but you are a different person. Consider what you need-do you have kids? do they have an indoor play space? are you a musician? an artist? do you craft? think about how you can use that space the most.

What a nice room.
A second living room ? A family room ? A music room ? a man cave ? a woman cave ?
a large master bedroom ? A game room ?
I like drip's idea .Add a card table for cards or other games .
If this room is far from the kitchen , a small fridge will be nice to store beverages .
Enjoy .

One side as a reading room with a table, two chairs and a lamp.
The other as a sitting area with coffeetable, settee, two chairs and tv.
Add some pictures and plants as finishing touches.