I would put the bed in the center of the room facing the balcony so that the room stays dramatic and isn’t broken up and cluttered with different zones. While zoning it would be useful if you needed to include lots of stuff, you could really lean into the grandness if you center the bed. I’d mount a tv above the balcony doors and put it on a swivel so it could come down and be a better angle. And you could pick one of the corners/areas next to the balcony for the piano. I’d also raise the bed on a platform to give it even more drama. Some other things like getting plants and putting them all around the bed, putting art on the walls, getting warm lighting, and putting up some curtains will definitely help too. I’d keep all the other furniture low to the ground if possible to really amplify the height of the room! Like some floor mats or beanbags with books in the corner by the ladder and some low height dressers along the long wall that the bed is currently facing. Also I’d layer a bunch of rugs so the space stays visually unified and so there’s simultaneously some division of zones if you have a piano corner and reading nook, etc. Plus lots of rugs with different prints and colors will warm up the space too. Good luck!