In a living room, one of the easiest ways to save space is to ditch the entertainment center and wall mount a television. You will save a lot of space and add extra seating options to the living room. Consider the installation of floating shelves for media items. Floating shelves have a minimalist look to them and will look like you have less clutter in the room.
Use the floating shelves to hold media players, cable boxes, and other items with direct connections to the television. On other walls, use floating shelves to organize books, DVDs, and other media you may access in the living room.
For areas next to couches and chairs, consider a wall mounted remote organizer. Keep the remotes in a single location and within easy reach. You will save space on small end tables and could even eliminate the need for end tables as you use wall space instead.