What a nice problem to have! The room needs a purpose & the futon suggests an extra overflow guest room. That bare corner looks good for exercise equipment if TV is viewable from that spot. Yes, do all the things you suggested. A big colorful round rug that reaches chair & futon, pillows with colors from rug, art on walls, better TV console etc.

Oh for sure a better TV console! I think all the furniture in here is at least 20 years old, but since it’s fine we haven’t gotten rid of it. Yes, this room has been needed a purpose for years. I’m excited.

Can you move the TV to the empty wall?

TV shown as above ^ with a console table. Place the sofa and coffee table under the long window wall and keep the rug in the same direction you have it. It looks like you would still have room for the stationary bike next to the sofa so you could see the tv. If it was my room, I would paint it a more welcoming and clear color. Color is very personal, but the current color looks muddy and dull. You could use white, a light neutral green, white with a tinge of blue, lots of options. Add a floor lamp, or an end table with a table lamp if you have room for it. Lighting makes a big difference in making a room seem welcoming.

Cozy the rug and seating up to the TV in that corner, and place the stationary bike behind the futon so you can look out the windows while riding it.

First get rid of the futon no one wants to sit or sleep on them. A new paint color for sure and a nicer TV stand if that is going to be a sitting space . If you want it more for a workout space then wall mount the TV a bit higher IMO you need to figure out what the purpose of the space is first.If warming up the space is your plan then some nice window coverings would be good to give nightime privacy and I would do solar shades for daytime privacy , heat and UV cintrol and let you keep the view. Then drapes or roman shades and with those windows I would do roman shades.

If adding a bike, I’d tuck into corner by the entrance, so it’s not as prominent and add a large piece of art on wall.Room Set up as is, but with a corner tv stand, futon pulled away from corner a bit and chair adjusted.

With no bike, the tv would work well on that wall instead with a console/storage. Place futon under window and chair where tv was.

Think about how you want room to feel and save inspiration pictures. Define your budget. I would start with a new rug to create more interest and color and to set the direction. Update futon cover/add cushions to compliment rug. Here are two looks as examples.

The accessories are nice to have, if budget permits. Rattan blinds would warm room and a small coffee table and lighting would be great as well

Plants and baskets always warm up a room and you have all those great windows.