We present a theoretical approach to the zero‐phonon decay luminescence of excitons. In a two‐step approach, the weakly interacting condensed exciton gas is Bogolyubov transformed before the resulting quasiparticles are coupled to the photon field. The field–field correlation function, which gives the luminescence intensity and first‐order coherence, is calculated in the framework of real‐time Green's functions of the photons. The resulting spectrum of the new, so‐called bogolariton, quasiparticles is discussed.