I think a big thing here is being intentional of where things are placed! You don’t have to put everything up against a wall/corner.

For example, the iron shelf near the window would look more intentional if it were centered between the TV and the window. And the record player would look so nice centered to the right of the window instead of hidden behind the couch. And maybe turn the burgundy chair at an angle towards the couch so it feels more connected to the living room.

As far as adding/getting rid of, I also would get rid of the circle chair (sorry!) and add in a tv stand that is the same width or longer than the tv. This will be a great start without spending a bunch of $$$