What to do with this space?

It would look nice if you built a box with no bottom and an open back that would side in over the equipment and cords. Make some slots in the top for ventalation then you could set decor on top of it.

I would purchase some nice looking green leafy plants, the equipment could breath through it and it would look great. You do not want to block the air vents.

Take some measurements and buy a shelf that will fit in that cove, the doors make it look tidier!

I would build shelves or install a door that was custom made.

Looks to me like one of these equipment pieces is your DVD player or cable/satellite box. You can't cover the front with anything opaque if you expect your clicker/controller to work on it. Shelves on which you put "eye catching things" would draw your attention away from the equipment.

I think you should drill holes in the next shelf down. Move the cable box, all the wires and whatever else is on the top shelf down to the bottom, on top of the stereo. If you don’t have a drill, just slide the shelf out a little and run the wires behind the top shelf and down to the bottom area. You can leave the plastic slots that are at the back of the second shelf, or fill the holes with wood putty, poster putty, or crumpled tissue. Then you can put books, a candle or something else you love on that shelf. If the cable box has to have a “line of sight” connection to change channels, just tilt it up slightly with one of the wires or anything no larger than a penny matchbox, and it will work the same as before. ☺️

Thank you all for the helpful ideas.

I'd add another shelf or 2 into that top section. Then you could put a tension rod with a sheer curtain to hide all the stuff there, so you can still use all your devices, without it being obstructed. One sheer panel will cover top to bottom, & you can get just a little cafe rod. Simple & elegant.

I WOULD START 'BUILDING' ANYTHING. PHOTO LOOKS LIKE IT IS A STREAMLINED ROOM. PAINT RECEPTACLES TO MATCH WALL PAINT AND TRY A LARGE VASE OF ART OBJECT ON EACH LEVEL. KEEP IS CLEAN AND SIMPLE.

SORRY, PER MY PREVIOUS SUGGESTION, I MEANT TO SAY 'DO NOT START BUILDING ANYTHING'.

I personally would remove the bottom thingy (stand) that’s holding the cd’s/ tapes then add glass/wood doors to both sections but each section add a drawer section to both just enough to go above the where those wires come out and this way you can stack those cds and they will be hidden and they both will serve as a curio’s and place lenox pieces etc in them.📌

I would put in shelves to hide the wires. I would put in baskets, and on the bottom I would go to Habit for Humanity and find a door that would fit that area.