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A bunch of gigs with a slightly higher than average chance of getting a&r to your show. But you still have to make the contacts before hand. It is by no means a nailed on showcase to the top execs, nor is an orgy of cheque book flailing and next big thing discovering.
A good chance to network, but really you get out of it what you are willing to put in.
Don't believe the spin that the ITC press team put on it. There we about 12 people at the Kings Arms to see the Darkness.
I worked at ITC when the darkness played. The Kings Arms was packed out. As was the follow up show at the Water Rats. ITC WAS the first event to take the band seriously. They were clearly the best band that year as evidenced by the first hit album that was packed with great tunes.
As an unsigned band playing the event you still have a great opportunity to raise your profile and be seen. It isn't sewn up.
It's particularly beneficial to those bands from Scotland, Ireland and elsewhere who aren't playing in London every week and who A&R's invariably know about but haven't yet seen.
Coldplay were not a buzz act when they played and only a handful saw them at their showcase but they included some key people. With hindsight its tempting to say that Coldplay had the talent and would have achieved their success without ITC. Probably true. ITC doesn't claim to have discovered any of these bands. Of course they know how the process works. But it's still a key event.